Ingredion completes sale of majority stake in Pakistan's Rafhan Maize

Ingredion Incorporated, a leading global provider of ingredient solutions, on Tuesday announced that it has completed the sale of a 51% interest in Rafhan Maize, one of Pakistan’s largest agro-based companies, to a group of affiliated purchasers led by Nishat Hotels and Properties Ltd.

Nishat is a prominent and diversified business conglomerate in Pakistan, founded by Mian Muhammad Mansha. The Nishat Group has major interests across various sectors, including textiles, banking, cement, power generation, hospitality, and real estate.

Post-close, Ingredion retains an approximate 20% ownership interest in Rafhan Maize. The purchase price paid to Ingredion was approximately $165 million.

“This transaction continues the transformation of our portfolio and reduces earnings volatility while unlocking investment dollars that can be deployed to support higher-growth businesses,” said Jim Zallie, Ingredion’s chairman, president and CEO.

“Retaining a relationship as a minority stakeholder in a strong, well-positioned business also provides continuity of access to Middle East and South Asia markets, which we see as long-term platforms for growth.”

The transaction was announced on September 29, 2025. For the full-year 2025, Ingredion’s business in Pakistan delivered net sales of approximately $250 million.

Ingredion Incorporated began evaluating offers for a potential sale of its stake in May 2025. Several entities expressed interest in acquiring a majority stake of up to 75.69% in RMPL, including Cherat Cement Company Limited and Shirazi Investments (Private) Limited, Nishat Hotels and Properties Limited, and Sapphire Fibres Limited.

In May 2026, the Competition Commission of Pakistan (CCP) approved the acquisition of shares of RMPL following a Phase-I review under Section 11 of the Competition Act, 2010.