Ingredion closes $165m sale of Rafhan Maize control to Nishat-led consortium

US-based Ingredion Incorporated has completed the sale of a controlling interest in Pakistan's Rafhan Maize Products Limited (RMPL), transferring a 51% stake to a group of affiliated purchasers led by Nishat Hotels and Properties Limited in a transaction valued at approximately $165 million.

The completion marks the close of a transaction first announced in September 2025 and follows regulatory approval granted by the Competition Commission of Pakistan (CCP) in May 2026 after a Phase I review under Section 11 of the Competition Act, 2010.

While relinquishing majority control, Ingredion will continue as a shareholder with an approximate 20% ownership interest in Rafhan Maize, one of Pakistan's largest agro-based companies.

The acquiring entity is led by Nishat Hotels and Properties Limited, part of the Nishat Group founded by Mian Muhammad Mansha. The diversified Pakistani conglomerate has businesses across textiles, banking, cement, power generation, hospitality and real estate.

Explaining the rationale behind the transaction, Ingredion Chairman, President and Chief Executive Officer Jim Zallie said the sale supports the company's ongoing portfolio transformation by reducing earnings volatility and releasing capital for investment in faster growing businesses.

He added that maintaining a minority interest in Rafhan Maize ensures continued access to the Middle East and South Asia, which Ingredion considers important long term growth markets.

According to the company, its Pakistan operations generated net sales of approximately $250 million during the 2025 financial year.

Ingredion launched the sale process in May 2025 by inviting offers for its majority holding in RMPL. The process attracted interest from several prospective buyers seeking to acquire up to a 75.69% stake, including Cherat Cement Company Limited and Shirazi Investments (Private) Limited, Nishat Hotels and Properties Limited, and Sapphire Fibres Limited.

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