A powerful consortium of companies and individuals linked to the Nishat Group has formally announced its intention to acquire a controlling stake in Rafhan Maize Products Company Limited (RMPL).
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The group wants to buy up to 75.10% of the shares and take management control of one of Pakistan’s leading food ingredient manufacturers. This is a major potential transaction in the country’s consumer and industrial processing sector.
Who Is Behind the Deal?
The consortium is a mix of seven well-known Nishat-affiliated companies and four members of the Mansha family. The full list of acquirers includes:
- Companies: Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited
- Individuals: Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha, Mr. Hassan Mansha
Next Capital Limited is acting as the manager for the proposed offer.
What Happens Next?
This announcement is just the first formal step in Pakistan’s takeover process. Here is what to expect:
- Public Notice: A formal Public Announcement of Intention will be published in newspapers on February 13, 2026.
- Detailed Offer: The consortium must later issue a detailed Public Announcement of Offer. This document will reveal the critical details investors are waiting for, including the offer price per share, the minimum acceptance level required for the deal to proceed, how the transaction will be funded, and the timeline for settlement.
Why Rafhan Maize?
Rafhan Maize is a highly profitable, multinational-linked business and a dominant player in Pakistan’s corn refining and food ingredients market. Gaining control of such a strong, steady company would be a significant strategic win for the Nishat Group, diversifying its portfolio beyond cement, textiles, and power generation. For now, the market is watching closely. The price tag for this deal will be the next big reveal.
