Nishat Hotels Withdraws Offer to Acquire Majority Stake in Rafhan Maize

Next Capital Limited (PSX: NEXT) informed the Pakistan Stock Exchange on Monday that the Public Announcement of Intention (PAI) related to the proposed acquisition of Rafhan Maize Products Company Limited by Nishat Hotels and Properties Limited will expire on February 10, 2026, due to pending regulatory approvals.

In a notice to the PSX, the company referred to the original PAI dated May 14, 2025. Under the transaction, Nishat Hotels and Properties Limited had announced its intention to acquire up to 75.69 percent shares and control of Rafhan Maize Products Company Limited.

Next Capital said that while the acquirer had previously extended the timeline for making the Public Announcement of Offer under Regulation 7(1) of the Takeovers Regulations, the required regulatory approvals and certain other conditions precedent are still in process and are not expected to be completed by the expiry date.

Accordingly, Nishat Hotels and Properties Limited has notified the withdrawal of the PAI in accordance with Regulation 21(1)(e) of the Takeovers Regulations, with effect from February 10, 2026.

The filing added that the acquirer remains committed to completing the transaction, subject to obtaining the necessary regulatory approvals and fulfillment of relevant conditions. A fresh Public Announcement of Intention will be issued once approvals are secured, and will be notified through the Pakistan Stock Exchange and published in newspapers as required under applicable laws and regulations.