Cherat Cement Company Limited and Shirazi Investments (Private) Limited have jointly issued a corrigendum to their earlier public announcement regarding the proposed acquisition of a majority stake in Rafhan Maize Products Company Limited. The revised communication clarifies key technical details of the original disclosure while maintaining all core terms of the proposed transaction, including the target of acquiring up to 6,991,052 shares—equivalent to 75.69 percent of Rafhan Maize’s total issued share capital.
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According to Topline Securities Limited, which is serving as the Manager to the Offer, the corrigendum does not alter the substance or size of the acquisition but is meant to ensure greater clarity and adherence to regulatory expectations. It addresses certain descriptive elements within the original public announcement made on May 8, focusing on transparency and accuracy regarding the structure and intent of the offer.
In an official communication, Asim H. Akhund, Company Secretary of Cherat Cement, confirmed that the revised notice will be published in national newspapers. The update includes additional details on the acquirers’ ownership structures and restates the share price calculation methodology based on average market values during the applicable period.
This clarified announcement reinforces the commitment of Cherat Cement and Shirazi Investments to jointly acquire and manage Rafhan Maize. Both companies remain aligned in their strategic vision to enhance value through operational synergies and targeted growth initiatives. The acquisition, once completed, is expected to open new avenues for expansion within Pakistan’s food and agribusiness sectors, marking a significant step forward in portfolio diversification for the acquiring entities.
With regulatory processes and public disclosures now streamlined, the transaction moves forward with continued momentum. The joint acquirers reiterated their belief in the long-term potential of Rafhan Maize and expressed confidence in their shared capacity to drive the company toward greater innovation and market leadership.
