Nishat Chunian Power Limited has informed the Pakistan Stock Exchange (PSX) that it, along with other companies and individuals within the Nishat Group, has significantly increased its ownership in Rafhan Maize Products Company Limited (RMPL). The acquisition was carried out under previously signed Share Purchase Agreements (SPAs) and a public offer, strengthening the group’s controlling position in the company.
According to the disclosure dated June 30, 2026, the purchasing consortium acquired 4,713,831 shares, representing 51.04% of RMPL’s shareholding, from Ingredient Incorporated under the SPA originally signed on September 25, 2025, and later amended on December 29, 2025. The shares were purchased at PKR 9,800 per share through electronic transfer.
The acquired shares were distributed among several Nishat Group entities and individuals. The largest allocation went to Nishat Power Limited, which acquired 1,108,377 shares, followed by D.G. Khan Cement Company Limited with 287,000 shares, Nishat Chunian Power Limited with 137,622 shares, Nishat Hotels and Properties Limited with 103,280 shares, and members of the Mansha family receiving equal allocations of 123,638 shares each.
In a related transaction, the purchasers also acquired 1,900,441 ordinary shares from members of the Monnoo family and other shareholders under separate SPAs. These shares were allocated among Pakgen Limited (formerly Pakgen Power Limited), Nishat Mills Limited, Nishat Chunian Power Limited, and Lalpir Limited (formerly Lalpir Power Limited), further increasing the group’s investment in RMPL.
Additionally, Nishat Power Limited purchased 218,123 shares, equivalent to 2.36% of RMPL’s shareholding, through the public offer announced on March 27, 2026. This acquisition further enhanced the consortium’s overall ownership in the company.
Following the completion of all transactions, the acquiring group now collectively holds 6,832,395 shares, representing 73.97% of Rafhan Maize Products Company Limited. D.G. Khan Cement Company Limited emerged as the largest shareholder within the consortium with a 31.07% stake, followed by Nishat Power Limited with 14.36%, Nishat Chunian Power Limited with 7.65%, Pakgen Limited with 6.69%, Lalpir Limited with 4.41%, Nishat Mills Limited with 3.31%, and Nishat Hotels and Properties Limited with 1.12%, alongside shareholdings held by members of the Mansha family.
The transaction marks a significant milestone for the Nishat Group, consolidating its strategic investment in Rafhan Maize Products and giving the consortium a commanding ownership position in one of Pakistan’s leading food ingredient manufacturers.
