KARACHI: Dada Partners (Private) Limited acted as exclusive financial advisor to the Nishat Group on acquiring a controlling stake in Rafhan Maize Products Company Limited. This is the largest private sector cross border M&A transaction of a listed company in Pakistan, excluding privatisations.
This landmark transaction, totaling approximately Rs66 billion, entailed the acquisition of 73.9% shares of the company by the Nishat Group. 51% was purchased from the majority shareholder Ingredion Incorporated, USA, which has retained a strategic minority shareholding. An additional 20.5% was purchased from a minority shareholder and 2.4% through the mandatory public offer. As a result, the Nishat Group now has a super-majority interest of 75.9%.
In this multifaceted transaction, Dada Partners advised the group across all stages of the process, including deal origination, due diligence and valuation, competitive bidding and negotiation, execution of share purchase agreement and transfer of controlling stake. The process also covered the post-transaction governance framework between Nishat Group and Ingredion as a continuing minority shareholder, regulatory approvals for competition, the public offer and foreign exchange remittance, and bank FCY acquisition financing.
Commenting on the transaction, Shazad Dada, Founder and Managing Partner of Dada Partners, said, “We are delighted to have advised Nishat Group on this historic cross-border acquisition, bringing together one of Pakistan’s largest business groups and a global multinational. Its successful completion demonstrates that local investors continue to have an interest in marquee assets while international groups continue to view Pakistan favorably by collaborating with strong local partners.
“I would like to thank the Mansha family for their strategic vision on this acquisition and their trust in Dada Partners. We also appreciate the collaboration with Ingredion, the Monnoo family, our fellow advisors, legal counsels, the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and the Competition Commission of Pakistan for their support in bringing this transaction to a successful close.”
The successful completion of this transaction marks a significant milestone for Nishat Group’s expansion into Pakistan’s food processing sector and focus on value added exports, while reinforcing Dada Partners’ track record in advising on complex mergers and acquisitions involving cross-border execution, regulatory approvals, sophisticated financing structures and multi-party stakeholder coordination.
Dada Partners acted as the exclusive financial advisor to the Nishat Group throughout the transaction, while Cornelius, Lane and Mufti (CLM) served as legal counsel, and Next Capital were the Manager to the Offer on the public offer. Dubai Islamic Bank was the foreign currency lender to the transaction.
About Dada Partners
Dada Partners (Private) Limited, established in 2023, is an independent boutique advisory firm based in Pakistan, providing mergers and acquisitions, capital markets, and corporate finance and restructuring advisory to leading local and regional corporate and institutional clients.
Recently, Dada Partners advised Amreli Steels Limited on one of the largest debt restructurings in Pakistan and has now advised Nishat Group on its landmark private sector cross-border acquisition of a controlling stake in Rafhan Maize from Ingredion Incorporated. Dada Partners continues to establish itself as a trusted, independent advisor on some of the most significant transactions in the Pakistani market.
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