Karachi: Cherat Cement Company Limited (CCCL), in collaboration with Shirazi Investments (Private) Limited, has formally announced its intention to acquire a controlling interest in Rafhan Maize Products Company Limited (RMPL), one of Pakistan’s leading agro-industrial firms.
The disclosure was made by Topline Securities—designated as the Manager to the Offer—in a notice submitted to the Pakistan Stock Exchange (PSX) on Thursday.
“As per the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, we, Topline Securities Limited, have been appointed as Manager to the Offer on behalf of Cherat Cement Company Limited and Shirazi Investments (Private) Limited,” the statement read.
“We hereby submit the Public Announcement of Intention to acquire up to 75.69% of the total issued share capital of Rafhan Maize Products Company Limited, subject to regulatory clearances and other relevant approvals.”
This move comes shortly after reports surfaced indicating that Ingredion Incorporated, a U.S.-based global supplier of food and beverage ingredients, is exploring divestment options for its stake in RMPL.
According to details shared in the notice, the prospective acquisition will be executed through a Share Purchase Agreement (SPA), under which each acquirer—Cherat Cement and Shirazi Investments—plans to individually purchase up to 3,495,526 shares.
This equates to an acquisition of up to 37.845% of Rafhan Maize’s issued share capital by each entity.
Collectively, the proposed transaction would involve the purchase of up to 6,991,052 shares, representing 75.69% of the company’s equity.
However, the number of shares to be offered for purchase from the general public has yet to be determined and will be finalized following the execution of the SPA.
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Cherat Cement Company Limited, a publicly traded entity on the Pakistan Stock Exchange, specializes in cement manufacturing.
With a modernized production facility and an installed manufacturing capacity of 4.5 million tons annually, CCCL caters primarily to Pakistan’s northern markets while also maintaining export operations to neighboring Afghanistan.
Shirazi Investments (Private) Limited serves as the investment arm of the Atlas Group—an established conglomerate with diversified interests in sectors including engineering, power generation, financial services, and commercial trading.
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The company is known for its prudent investment strategies and a commitment to high standards of corporate governance.
