LAHORE: D.G. Khan Cement Company Limited (DGKC) has informed the Pakistan Stock Exchange (PSX) that companies and individuals associated with the Nishat Group have significantly increased their ownership in Rafhan Maize Products Company Limited (RMPL), taking their combined shareholding to 73.97% through a series of strategic acquisitions.
According to the material information disclosure dated June 30, 2026, the acquisition was completed under previously announced Share Purchase Agreements (SPAs) with Ingredion Incorporated and members of the Monnoo family, along with shares purchased through a public offer.
The first phase of the transaction involved the acquisition of 4,713,831 RMPL shares, representing 51.04% of the company’s share capital, from Ingredion Incorporated at a price of Rs. 9,800 per share. The shares were acquired by various Nishat Group entities, including D.G. Khan Cement Company Limited, Nishat Power Limited, Nishat Chunian Power Limited, Nishat Hotels and Properties Limited, and members of the Mansha family.
In addition, the acquiring group purchased 1,900,441 shares from members of the Monnoo family and other shareholders under separate share purchase agreements. The shares were allocated among Pakgen Limited, Nishat Mills Limited, Nishat Chunian Power Limited, and Lalpir Limited, all at the same transaction price of Rs. 9,800 per share.
The disclosure also noted that Nishat Power Limited acquired an additional 218,123 shares, equivalent to 2.36% of RMPL’s shareholding, through the public offer announced earlier this year.
Following the completion of all transactions, the Nishat Group’s combined holding in Rafhan Maize Products has increased to 6,832,395 shares, representing 73.97% of the company’s total issued share capital. Among the largest shareholders in the acquiring group are D.G. Khan Cement Company Limited with a 31.07% stake and Nishat Power Limited with 14.36%, followed by Nishat Chunian Power Limited (7.65%), Pakgen Limited (6.69%), Lalpir Limited (4.41%), Nishat Mills Limited (3.31%), and Nishat Hotels and Properties Limited (1.12%). Members of the Mansha family each hold 1.34% stakes.
The acquisition marks the completion of a major ownership transition in Rafhan Maize Products and further strengthens the Nishat Group’s presence in Pakistan’s food processing and industrial ingredients sector. The company disclosed the transaction in compliance with the Pakistan Stock Exchange’s listing regulations governing material information and disclosures of interest.
