Nishat Group entities eye control of Rafhan Maize with plan to acquire up to 75.69% shares

Rafhan Maize Products Company Limited (RMPL) has received a firm intention from Nishat Group–linked entities and members of the Mansha family to acquire control and up to 75.69% of its voting shares.

RMPL, one of Pakistan’s largest agro-based companies, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

The company said the intention was conveyed through an addendum to the Public Announcement of Intention (PAI) originally issued on May 14, 2025, and later amended via a corrigendum on July 28, 2025.

The proposed acquirers include Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, Pakgen Power Limited, along with Naz Mansha, Raza Mansha, Umer Mansha, and Hassan Mansha, who are acting in concert.

According to the disclosure, “the consummation of the acquisition will be subject to completion of due diligence, finalisation of acquisition terms, execution of appropriate agreements, and receipt of all required regulatory and corporate approvals”.

Next Capital Limited is acting as the Manager to the Offer.

US based Ingredion to sell majority stake in Rafhan Maize to Nishat Hotels & Properties

Earlier in May, it was learnt that Ingredion Incorporated, a US-based food and beverage ingredient provider, was evaluating offers to sell its stake in RMPL.

Following the announcement, Nishat Hotels and Properties Limited, a part of Nishat Group, expressed its intention to acquire up to 75.69% stake in RMPL.

The Nishat Group is one of Pakistan’s largest and most diversified business conglomerates, founded by Mian Muhammad Mansha, with major interests in textiles, banking, cement, power generation,  and hospitality.

Meanwhile, RMPL started its operations in Pakistan as a corn refining industry in 1953. Over the course of years, the company has grown into one of the biggest agro-based industries of Pakistan.

The company produces a variety of food ingredients and industrial products using maize as a basic raw material. RMPL turned into a public limited company in 1985.