Nishat Hotels extends deadline by 90 days for Rafhan Maize takeover announcement

Nishat Hotels and Properties Limited, the prospective acquirer of up to 75.69% shares in Rafhan Maize Products Company Limited, has extended the deadline to make the Public Announcement of Offer.

Originally due within 180 days of the May 16, 2025, Public Announcement of Intention (PAI), the announcement is now postponed by 90 days to February 10, 2026, shared Next Capital in a notice to the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) on Monday.

“It may be noted that the acquirer is in the process of finalising certain transaction documents and is awaiting certain regulatory approvals to proceed further. The acquirer would therefore be unable to make the Public Announcement of Offer within 180 days of the publication of PAI, which is November 12, 2025.

“In view of the foregoing, we hereby notify the SECP and the PSX on behalf of the acquirer that the acquirer is extending the date for making a Public Announcement of the Offer by ninety days up to February 10, 2026,” read the notice.

Earlier in May, it was learnt that Ingredion Incorporated, a US-based food and beverage ingredient provider, was evaluating offers to sell its stake in RMPL.

Following the announcement, Nishat Hotels and Properties Limited, a part of Nishat Group, has expressed its intention to acquire up to 75.69% stake in RMPL.

Nishat Hotels & Properties Limited primarily owns, manages, and operates a shopping mall, hotel, and banquet halls under the names of ‘Nishat Emporium’ and ‘Nishat Hotel’. The company also operates in the real estate business under the name of ‘Nishat Residences’, which mainly comprises residential apartments.

Meanwhile, RMPL started its operations in Pakistan as a corn refining industry in 1953. Over the course of years, the company has grown into one of the biggest agro-based industries of Pakistan.

The company produces a variety of food ingredients and industrial products using maize as a basic raw material. RMPL turned into a public limited company in 1985.