Next Capital Limited announced today a public offer to acquire 298,759 ordinary shares of Rafhan Maize Products Company Limited, representing 3.23 percent of the company’s issued and paid-up capital.

The offer values each share at PKR 9,800 and is being made under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

This move follows a public announcement of intention made by the Acquirers on February 13, 2026.

The Nishat Group comprises Nishat Hotels and Properties Limited, D.G. Khan Cement Co. Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, and members of the Mansha family (Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha, and Mr. Hassan Mansha).

The acquisition is aimed at increasing the Nishat Group’s influence and strategic control over Rafhan Maize, a leading name in Pakistan’s food and consumer goods industry.