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.
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