Nishat Hotels and Properties Limited formally withdrew its Public Announcement of Intention (PAI) to acquire a controlling 75.69% stake in Rafhan Maize Products Company Limited.
Read More: Zong Teams Up with Government to Push AI Development in Pakistan
Why Was the Announcement Withdrawn?
The withdrawal is a procedural step, not a cancellation. The company cited two main reasons:
- Pending Regulatory Approvals: Required government and regulatory clearances were not secured in time.
- Expiry of the Timeline: The legal deadline for completing this phase of the takeover process was February 10, 2026. With the approvals still pending, Nishat had to withdraw the current announcement to comply with takeover regulations.
What Happens Next?
Crucially, Nishat has stated it still intends to complete the acquisition. The withdrawal is part of the process to ensure all legal and regulatory boxes are checked. The company plans to re-issue a new Public Announcement of Intention once all the necessary approvals and conditions are in place.
In short, this is a strategic pause to get the paperwork in order, not the end of the deal.
