Cherat Cement, Shirazi Investments plan to acquire majority stake in Rafhan Maize
Cherat Cement Company Limited (CCCL) and Shirazi Investments (Private) Limited have expressed their intention to acquire up to 75.69% stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies.
Topline Securities, appointed Manager to the Offer, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
'We, Topline Securities Limited, have been appointed as Manager to the Offer by Cherat Cement Company Limited and Shirazi Investments (Private) Limited, in accordance with the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
'On behalf of the acquirers, we would like to submit the Public Announcement of Intention to acquire up to 75.69% shares of Rafhan Maize Products Company Limited, subject to receipt of regulatory and other approvals, if any,' read the notice.
The development comes days after it was learnt that Ingredion Incorporated, a US-based food and beverage ingredient provider, is evaluating offers to sell its stake in RMPL.
Giving a brief description of the intended acquisition, the notice stated that under the Share Purchase Agreement (SPA), Cherat Cement and Shirazi Investments each plan to directly acquire up to 3,495,526 shares, which is up to 37.845% of Rafhan Maize's paid-up capital each.
Combined, they aim to acquire up to 6,991,052 shares or 75.69% of the company.
However, the number of shares they might offer to buy from the public is 'not determinable at this stage' and will be determined after the SPA is signed.
Cherat Cement Company Limited is publicly listed on the Pakistan Stock Exchange and is engaged in cement manufacturing.
'With a state-of-the-art production infrastructure and an installed capacity of 4.5 million tons per annum, it primarily serves the northern region of Pakistan. CCCL also plays an active role in regional trade, exporting cement to Afghanistan,' read the notice.
Meanwhile, Shirazi Investments (Private) Limited operates as the investment arm of Atlas Group, a diversified conglomerate with investments in engineering, power, finance, and trading businesses, renowned for its strategic investments and strong governance.
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