Nishat Hotels pushes Rafhan Maize takeover offer deadline into Feb

KARACHI: Nishat Hotels and Properties Limited (NHPL), a part of the prominent Nishat Group, has formally extended the deadline for its highly anticipated Public Announcement of Offer (PAO) to acquire a controlling stake in Rafhan Maize Products Company Limited (RMPL).

In a disclosure filed with the Pakistan Stock Exchange (PSX) on Tuesday, the company announced a 90-day delay, pushing the new deadline to February 10, 2026. The original deadline for the PAO, which was scheduled for November 12, 2025, represented 180 days after the initial Public Announcement of Intention (PAI) was made in May 2025.

The extension was sought and granted pursuant to Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. According to the notice, the primary reasons for the postponement are the ongoing process of finalizing certain transaction documents and the wait for pending regulatory approvals from relevant authorities, including the Securities and Exchange Commission of Pakistan (SECP).

Nishat Hotels and Properties Limited is seeking to acquire up to 75.69 percent of the voting shares of Rafhan Maize, a major player in Pakistan’s agro-based industry specializing in corn refining and food ingredients. The transaction, managed by Next Capital Limited, is considered a significant corporate action on the PSX.

The acquisition bid by NHPL follows the earlier announcement that Ingredion Incorporated, a US-based food and beverage ingredient provider, was evaluating offers to sell its stake in RMPL. Nishat Hotels’ move to consolidate the majority shareholding marks a strategic diversification for the Nishat Group, which is primarily known for its ventures in the hotel, real estate, and textile sectors.

The extension signals that while the transaction is moving forward, the acquirer requires additional time to navigate the required legal and procedural steps before presenting the final offer to RMPL shareholders. RMPL confirmed the receipt of the extension request from Next Capital and duly informed the Exchange as required by the Securities Act, 2015.

Copyright Business Recorder, 2025