Next Capital Limited (PSX: NEXT), acting on behalf of a consortium comprising several Nishat Group companies and other listed entities, has announced plans to acquire up to 75.10 percent of the shares and management control of Rafhan Maize Products Company Limited.
The consortium includes Nishat Hotels and Properties, D.G. Khan Cement, Nishat Mills, Nishat Power, Nishat Chunian Power, Lalpir Power, and Pakgen Power. It also includes individual investors Naz Mansha, Raza Mansha, Umer Mansha, and Hassan Mansha.
Next Capital Limited has been appointed as the Manager to the Offer in line with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The formal public announcement of intention is set to be published on February 13, 2026, in one English and one Urdu newspaper. A copy of the announcement will also be submitted to the Pakistan Stock Exchange.
If completed, the proposed transaction would mark a significant consolidation move in Pakistan’s food and agribusiness sector, positioning the Nishat Group to assume substantial control of one of the country’s leading maize processing companies.
