Nishat Hotels formally withdraws PAI for Rafhan Maize Deal

Nishat Hotels and Properties Limited said that it had formally withdrawn the existing Public Announcement of Intention (PAI) as of February 10, 2026 of acquiring Rafhan Maize Products Company Limited (RMPL), Next Capital Limited announced on Monday.

The development was shared in a notice to the Pakistan Stock Exchange (PSX) today.

Nishat Hotels and Properties Limited had announced last year that it intended to acquire up to 75.69% and control of Rafhan Maize Products Company Limited.

In November, Nishat had extended the deadline to make the PAI.

Originally due within 180 days of the May 16, 2025, PAI, the announcement was postponed by 90 days to February 10, 2026.

However, in a notice to the PSX, the company said, “As the requisite regulatory approvals and certain other conditions precedent pursuant to the Transaction documents are still in process and are not expected to be completed by the Expiry Date, we hereby give notice of withdrawal of the PAl pursuant to Regulation 21(1)(e) of the Takeovers Regulations read with the relevant provisions of the Act, with effect from the Expiry Date.”

The notice added that the the Acquirer remained fully committed to completing the transaction subject to receipt of the necessary regulatory approvals and satisfaction of the relevant conditions.

“To this effect, a fresh Public Announcement of Intention shall be issued and notified through the Pakistan Stock Exchange and published in the newspapers in accordance with the prescribed legal and regulatory requirements.”