⏸️ NEXT: HOLD Signal (5/10) – Intimation for Extension in Timeline for Public Announcement of Offer to Acquire up to 75.69% shares and control of Rafhan Maize Products Company Limited by Nishat Hotels and Properties Limited

📌 Key Takeaways

• 📅 The initial Public Announcement of Intention (PAI) was made on May 16, 2025.
• 🏢 Nishat Hotels and Properties Limited aims to acquire up to 75.69% of Rafhan Maize Products Company Limited.
• ⏳ An extension is being sought for the Public Announcement of Offer due to pending transaction finalization and regulatory approvals.
• 📜 The extension is pursuant to Regulation 7 (1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017.
• 🗓️ The new deadline for the Public Announcement of Offer is February 10, 2026.
• ➕ The extension adds 90 days to the original timeline.
• 🤝 The Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange Limited have been notified of the extension.
• 🚧 Regulatory approvals are crucial for proceeding with the acquisition.
• 📑 Finalizing transaction documents is also a critical step.
• 🎯 The target company is Rafhan Maize Products Company Limited.
• 💼 Next Capital Limited is handling the announcement on behalf of the acquirer.

🎯 Investment Thesis

Given the lack of financial details and the ongoing regulatory process, a HOLD recommendation is appropriate. Further information is needed regarding the terms of the deal, the financial performance of Rafhan Maize, and the outcome of regulatory approvals. Once these details are available, a more informed BUY/SELL decision can be made. Price Target: Undetermined. Time Horizon: MEDIUM_TERM.