Next Capital Limited — M&A Activity 2026

May 22, 2026

next capital

May 22, 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

Mr. Mustafa Kamal Zuberi
Chief Legal Officer and Company Secretary
Rafhan Maize Products Company Limited
Rakh Canal East Road, Faisalabad

The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road, Karachi

Subject: Fulfillment of Obligations by the Acquirer – Public Offer of Rafhan Maize Products Company Limited

Dear Sir(s),

Reference is made to the Public Announcement of Public Offer to acquire 298,759 ordinary shares and control of Rafhan Maize Products Company Limited (the "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 (herein collectively referred to as the "Acquirers") ("Public Offer") wherein Next Capital Limited is acting as the Manager to the Offer ("MTO"). The Public Offer was published in the newspapers on March 27, 2026, under the Securities Act, 2015 (the "Act") and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (the "Regulations").

We are pleased to inform you that the Acceptance Period commenced on May 14, 2026, and concluded on May 20, 2026. During this period, applications from eligible shareholders were received for a total of 218,123 ordinary shares against the offer size of 298,759 ordinary shares.

Accordingly, in terms of the Act and the procedure set out in the Public Offer, all the eligible shares have been accepted.

We further confirm that all payments in respect of the accepted shares have been duly made by the Acquirers as of May 22, 2026. Payments were made via bank transfers to the IBANs provided in the list of eligible shareholders supplied by the Target Company.

Pursuant to Section 119(3) of the Act, we, in our capacity as the Manager to the Offer, hereby certify that the Acquirers have fulfilled all obligations in relation to the Public Offer as required under the Act and the Regulations. Accordingly, in compliance with Regulation 16(1)(a) of the Regulations, the security furnished by the Acquirers is being released.

+92 21 111 639 825
2nd Floor, Imperial Court Building, Dr. Ziauddin Ahmed Road, Karachi
www.nextcapital.com.pk
+92 42 37135843 -8
63-A, Agora Eden City, DHA, Phase 8, Lahore
cs@nextcapital.com.pk

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next capital

Should you require any information, please contact the undersigned.

Sincerely,

For and on behalf of Next Capital Limited

Aamna Rasheed
Associate, Investment Banking

Humaira Asad
Chief Executive Officer

+92 21 111 639 825

2nd Floor, Imperial Court Building, Dr. Ziauddin Ahmed Road, Karachi

www.nextcapital.com.pk

+92 42 37135843 -8

63-A, Agora Eden City, DHA, Phase 8, Lahore

cs@nextcapital.com.pk