Next Capital Limited — M&A Activity 2026

Mar 27, 2026

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March 27, 2026

Executive Director

Public Offering and Regulated Persons Department Securities Market Division

Securities and Exchange Commission of Pakistan

NIC Building, Jinnah Avenue, Blue Area, Islamabad

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building Stock Exchange Road, Karachi

Mr. Mustafa Kamal Zuberi

Chief Legal Officer and Company Secretary Rafhan Maize Products Company Limited Rakh Canal East Road, Faisalabad

Subject: Publication of Public Announcement of Public Offer to acquire shares and control of Rafhan Maize Products Company Limited in Newspapers

Dear Sir(s),

Reference is being made to our letter dated March 26, 2026, wherein we, Next Capital Limited submitted the Public Announcement of Public Offer (“PAO”) to acquire 298,759 ordinary shares and control of Rafhan Maize Products Company Limited (“Target Company”) by Nishat Hotels and Properties Limited, D. G. Khan Cement Co. Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, Mrs. Naz Mansha, Mr. Raza Mansha, Mr. Umer Mansha and Mr. Hassan Mansha (the “Acquirers”).

As required under regulation 7(6) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the PAO has been published in Business Recorder and Nawa-e-Waqt on March 27, 2026; snapshots of the e-newspapers and the related links are attached for your record.

Should you require any additional information or clarification, feel free to contact the undersigned.

Sincerely,

For and on behalf of Next Capital Limited

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Aamna Rasheed

Associate, Investment Banking

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• https://epaper.brecorder.com/2026/03/27/4 page.html

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• https://epaper.brecorder.com/2026/03/27/5 page.html

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https://www.nawaiwaqt.com.pk/E-Paper/karachi/2026-03-27/page-4

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https://www.nawaiwaqt.com.pk/E-Paper/karachi/2026-03-27/page-5