Latest news with #RafhanMaizeProductsCompanyLimited
Business Recorder
16-05-2025
- Business
- Business Recorder
Sapphire Fibres Limited seeks majority stake in Rafhan Maize
Sapphire Fibres Limited has expressed its intention to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies. This was shared by RMPL in a notice to the Pakistan Stock Exchange on Friday. 'It is hereby informed that Rafhan Maize Products Company Limited has received firm intention from Sapphire Fibres Limited to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of the target company, beyond the thresholds prescribed under section 111 of the Securities Act, 2015,' read the notice. The company said that the intention was notified to the board of directors of RMPL on May 16, 2025. 'The securities exchange is requested to make the above information immediately available to the shareholders of RMPL under regulation 5(1), by placing it on the notice board and through notification.' Rafhan Maize announces major expansion to boost production & exports RMPL started operations in Pakistan as a corn refining industry in 1953. Over the years, the company has grown into one of the biggest agro-based industries of Pakistan. The company produces a variety of food ingredients and industrial products using maize as a basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
Business Recorder
15-05-2025
- Business
- Business Recorder
Nishat Hotels & Properties seeks majority stake in Rafhan Maize
Nishat Hotels and Properties Limited, a part of Nishat Group, has expressed its intention to acquire up to 75.69% stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies. RMPL disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. 'It is hereby informed that Rafhan Maize Products Company Limited has received firm intention from Nishat Hotels and Properties Limited to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of the target company, beyond the thresholds prescribed under section 111 of the Securities Act, 2015,' read the notice. RMP shared that the intention was notified to its board of directors on May 14, 2025. Nishat Hotels & Properties Limited primarily owns, manages, and operates a shopping mall, hotel, and banquet halls under the names of 'Nishat Emporium' and 'Nishat Hotel'. The company also operates in the real estate business under the name of 'Nishat Residences', which mainly comprises residential apartments. Earlier this month, Ingredion Incorporated, a US-based food and beverage ingredient provider, was evaluating offers to sell its stake in RMPL. 'Ingredion Incorporated has notified that they have received several non-binding offers relating to the potential sale of part of Ingredion's equity stake in Rafhan Maize Products Company Limited, which they are evaluating,' RMPL informed the bourse back then. Days ago, Cherat Cement and Shirazi Investments also expressed their plans to acquire a majority stake in the company. RMPL started operations in Pakistan as a corn refining industry in 1953. Over the years, the company has grown into one of the biggest agro-based industries of Pakistan. The company produces a variety of food ingredients and industrial products using maize as a basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
Business Recorder
08-05-2025
- Business
- Business Recorder
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.
Business Recorder
02-05-2025
- Business
- Business Recorder
Ingredion mulls stake sale in Rafhan Maize Products Limited
Ingredion Incorporated, a US-based food and beverage ingredient provider, is evaluating offers to sell its stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies. RMPL disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. 'Ingredion Incorporated has notified that they have received several non-binding offers relating to the potential sale of part of Ingredion's equity stake in Rafhan Maize Products Company Limited, which they are evaluating,' read the notice. It added that any decision relating to the potential sale transaction or process will be 'subject to compliance with all applicable laws, internal and regulatory approvals necessary and execution of definitive agreements'. Following the announcement, RMPL's share price hit Rs9,050, registering an increase of Rs99.67 or 1.11%. Rafhan Maize Products Company Limited (RMPL) started operations in Pakistan as a corn refining industry in 1953. Over the years, the company has grown into one of the biggest agro-based industries of Pakistan. RMPL produces a variety of food ingredients and industrial products using maize as a basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals. RMPL turned into a public limited company in 1985. As per information available on PSX, Ingredion Incorporated Chicago, USA, holds the majority shares of the company.
