LAHORE: In one of Pakistan’s largest corporate takeovers in the food processing sector, Nishat Group has acquired a 73.9 per cent controlling stake in Rafhan Maize Products Company Ltd (RMPL), ending Ingredion USA’s decades-long majority ownership.
Nishat Group announced on Tuesday that it had completed the acquisition of the controlling stake in RMPL. The shares were acquired principally from Ingredion USA, the company’s long-standing majority shareholder, along with additional purchases from minority shareholders and through a public offer.
Following the transaction, Nishat Group now owns an aggregate 73.9pc stake in Rafhan Maize, while Ingredion has retained a 20pc shareholding.
The acquisition expands Nishat Group’s presence beyond its traditional businesses in textiles, banking, energy, automobiles and hospitality into food ingredients and industrial starch.
Rafhan Maize is one of Pakistan’s leading manufacturers of corn-based products, producing industrial and food-grade starches, glucose syrups, sweeteners and specialty derivatives supplied to industries including food and beverages, pharmaceuticals, paper, textiles and animal nutrition. It is also among the country’s major export-oriented food processors.
Nishat Group employs more than 75,000 people across its diversified businesses. It said its operational scale, manufacturing expertise and investment capacity would enable Rafhan Maize to expand in domestic and international markets while increasing exports of higher value-added products.
“We are thrilled to welcome Rafhan Maize into the Nishat Group family,” said Hassan Mansha, chairman of Nishat Mills Ltd.
Published in Dawn, July 1st, 2026
