Nishat Group acquires controlling stake in Rafhan Maize Products Co Ltd

KARACHI: Nishat Group (“the Group”) has completed the acquisition of a controlling stake in Rafhan Maize Products Company Limited (RMPL or Company). The shares were acquired principally from Ingredion USA (Ingredion), the Company’s majority shareholder, together with shares acquired from minority shareholders and through a public offer.

The Group acquired an aggregate of 73.9 percent of the shares of the Company. Ingredion has retained 20 percent shareholding in the Company, reflecting its long term commitment to Pakistan and the wider region.

Rafhan Maize is among Pakistan’s leading manufacturers of corn-based products, including industrial and food-grade starches, sweeteners and related derivatives that serve the food, beverage, paper, textile, pharmaceutical, and animal-nutrition industries. The Group employs more than 75,000 workforce and has a proven record in successfully running a number of businesses in the automotive, agriculture, power, textile and apparel, MCB Bank, insurance, and hotels and hospitality sectors in Pakistan will enable the Company to further grow its business in the domestic and international markets for exports.

“We are thrilled to welcome Rafhan Maize into the Nishat Group family,” said Hassan Mansha, Chairman of Nishat Mills Limited. “This acquisition represents a pivotal moment for both organizations and reinforces our position as one of Pakistan’s leading industrial groups. By combining Rafhan’s market leadership in corn refining and specialty starches with Nishat’s strengths in energy, manufacturing scale, and operational expertise, we are well positioned to expand value-added products, better serve customers across Pakistan, and develop exports into regional and untapped markets,” he added.

“We are grateful to everyone who helped bring this transaction to completion,” Mansha continued, “in particular Dada Partners, our exclusive financial advisor, who ably supported us throughout the process leading the deal from origination to completion. We look forward to our partnership with Ingredion and creating lasting value for all stakeholders for years to come.”

This transaction marks one of the most significant changes of control in Pakistan’s corn-refining sector in recent years. With completion now achieved, the Group will focus on a smooth transition and on working alongside Rafhan’s management and workforce to build on the Company’s strong operational foundation.

On this landmark transaction, Dada Partners acted as exclusive financial advisor to the Group, and Cornelius, Lane and Mufti were the legal advisors among other stakeholders which included brokers, financial institutions and regulators.

Copyright Business Recorder, 2026