Ingredion finalizes US$165M sale of majority stake in Pakistan unit
The transaction involves Ingredion selling a 51% interest in Rafhan Maize for approximately US$165 million, while maintaining roughly a 20% ownership position to support future collaboration and regional growth.
PAKISTAN – Ingredion Incorporated, a global leader in food and industrial ingredient solutions, has officially finalized the sale of a 51% majority equity stake in its Pakistani subsidiary, Rafhan Maize Products Company Limited.
The controlling interest was transferred to a consortium of affiliated buyers led by Nishat Hotels and Properties, a prominent Lahore-based operator with interests spanning agriculture, textiles, banking, and hospitality.
Alongside shares acquired directly from Ingredion USA, the acquiring consortium purchased additional shares from minority shareholders and, through a public offer, raised its aggregate Group’s interest in Rafhan Maize to 73.9%.
Following the close, Ingredion retains an approximate 20% ownership interest in the company.
The deal, which brings Ingredion approximately US$165 million in cash, marks a key milestone in the company’s long-term corporate reshaping efforts.
Under the terms of the agreement, which was originally entered into in September 2025 and subsequently cleared by the Competition Commission of Pakistan in May 2026, Ingredion will retain a significant 20% minority stake in the Faisalabad-headquartered corn-refining business.
Rafhan Maize stands as one of Pakistan’s largest agro-based industries, processing raw maize into diverse starches and sweeteners utilized by various consumer sectors.
Unaudited financial reports indicate that the Pakistani unit generated roughly US$250 million (unaudited) in net sales during the 2025 fiscal year.
According to leadership at Ingredion, the structural divestment is designed to streamline operations and decrease exposure to the financial variations inherent in local commodity processing markets.
Jim Zallie, the chairman, president, and CEO of Ingredion, explained that the strategic shift allows the company to reduce localized earnings volatility while releasing capital that can be actively redeployed toward higher-growth global segments.
At the same time, maintaining a 20% minority holding ensures that Ingredion preserves its commercial presence and market pathways within South Asia and the broader Middle East.
The acquisition represents one of the largest corporate mergers and acquisitions executed within Pakistan’s industry in recent decades.
The purchasing entities, anchored by the Lahore-based Nishat Group, are expected to absorb Rafhan Maize into their expansive agricultural and commercial portfolio.
Analysts note that while Ingredion relinquishes direct operations, the combination of local administrative execution under Nishat and continued technological alignment with Ingredion positions Rafhan Maize for steady supply chain continuity.
The transaction concludes over seven decades of majority ownership by the US parent company, which entered the local refining industry in 1953.
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