Nishat Group Strengthens Hold on Rafhan Maize Products with 73.97% Stake Acquisition
The Nishat Group has significantly expanded its ownership in Rafhan Maize Products Company Limited (RMPL) after completing a series of share acquisitions, raising the combined shareholding of the acquiring entities to 73.97% of the company. The development was disclosed by Nishat Mills Limited in a material information notice submitted to the Pakistan Stock Exchange (PSX) on June 30, 2026.
According to the disclosure, the transaction was executed under a Share Purchase Agreement (SPA) originally signed on September 25, 2025, and later amended on December 29, 2025. The agreement involved the purchase of 4,713,831 ordinary shares, representing 51.04% of RMPL, from Ingredion Incorporated USA, a substantial shareholder of the company. The acquisition price was set at PKR 9,800 per share, with all shares transferred electronically.
The acquired shares were distributed among several Nishat Group companies and associated shareholders. D.G. Khan Cement Company Limited emerged as the largest acquirer with 2.87 million shares, followed by Nishat Power Limited with 1.11 million shares, while other allocations were made to Nishat Hotels and Properties Limited, Nishat Chunian Power Limited, and members of the Mansha family.
In addition to the acquisition from Ingredion, the purchasing consortium also acquired 1,900,441 ordinary shares from members of the Monnoo family and other shareholders under separate share purchase agreements executed during November 2025. These transactions were completed at the same price of PKR 9,800 per share and involved multiple sellers, including Wisal Monnoo, Mohammad Adil Monnoo, Zulfikar Monnoo, Kamal Monnoo, and several other individual shareholders.
The disclosure further noted that Nishat Power Limited had already acquired 218,123 shares, representing 2.36% of RMPL, through the public offer announced on March 27, 2026, further increasing the group’s ownership in the company.
Following the completion of all transactions, the acquiring parties collectively hold 6,832,395 shares, equivalent to 73.97% of Rafhan Maize Products Company. The largest individual shareholder within the consortium is D.G. Khan Cement Company Limited with a 31.07% stake, followed by Nishat Power Limited at 14.36%, Nishat Chunian Power Limited at 7.65%, Pakgen Limited at 6.69%, and Lalpir Limited at 4.41%, while the remaining shares are held by Nishat Mills Limited, Nishat Hotels and Properties Limited, and individual members of the Mansha family.
The acquisition marks a major strategic milestone for the Nishat Group, giving it a controlling position in one of Pakistan’s leading maize processing companies. With nearly three-quarters ownership, the group is expected to play a significant role in shaping RMPL’s future strategic direction and long-term growth.
