Rafhan Maize Discloses Transfer of Controlling Stake as Nishat Group Entities Acquire Majority Shares

KARACHI: Rafhan Maize Products Company Limited has informed the Pakistan Stock Exchange (PSX) of a significant change in its shareholding structure following the transfer of a controlling stake by its substantial shareholder, Ingredion Incorporated USA, under a previously announced Share Purchase Agreement.

According to the company’s disclosure, Ingredion Incorporated sold 4,713,831 ordinary shares, representing 51.04% of Rafhan Maize’s shareholding, at a price of PKR 9,800 per share. The transaction was executed under the Share Purchase Agreement dated September 25, 2025, as amended on December 29, 2025.

The shares were acquired by several entities associated with the Nishat Group. 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. Other acquirers include Nishat Hotels and Properties Limited, Nishat Chunian Power Limited, and members of the Mansha family, including Hassan Mansha, Umer Mansha, Raza Mansha, and Naz Mansha. The allocation of shares among the buyers is detailed in the disclosure on the first page of the filing.

The company further stated that, as part of the broader transaction, the purchasers also acquired an additional 1,900,441 ordinary shares from members of the Monnoo family and related shareholders under separate share purchase agreements. These shares were distributed among Pakgen Limited (formerly Pakgen Power Limited), Nishat Mills Limited, Nishat Chunian Power Limited, and Lalpir Limited (formerly Lalpir Power Limited). The subsequent pages of the filing provide a detailed breakdown of individual shareholders and the number of shares sold.

Additionally, Rafhan Maize disclosed that under the Public Offer dated March 27, 2026, Nishat Power Limited acquired a further 218,123 shares, equivalent to 2.36% of the company’s shareholding, from public shareholders.

The disclosure was made in compliance with Rule 5.6.4 of the Pakistan Stock Exchange Rule Book, which requires listed companies to notify the exchange of changes in interests held by substantial shareholders. The transaction marks the formal transfer of control from Ingredion Incorporated to the Nishat-led consortium and represents one of the most significant ownership changes in Rafhan Maize in recent years.