Lahore, June 30, 2026: Nishat Power Limited has informed the Pakistan Stock Exchange (PSX) that it, along with its affiliated companies and associated shareholders, has significantly increased its ownership in Rafhan Maize Products Company Limited (RMPL), taking the group’s combined shareholding to 73.97%. The disclosure was made under PSX’s material information requirements.
According to the notification, the acquisition follows a series of share purchase agreements executed with Ingredion Incorporated USA, a substantial shareholder of RMPL, as well as members of the Monnoo family and other shareholders. As part of the transaction, the Nishat Group acquired 4,713,831 shares, representing 51.04% of RMPL’s total shareholding, from Ingredion at a price of PKR 9,800 per share through electronic transfer.
In addition, the group acquired another 1,900,441 ordinary shares from various members of the Monnoo family under separate Share Purchase Agreements. The shares were distributed among several Nishat Group companies, including Nishat Power Limited, Pakgen Limited, Nishat Mills Limited, Nishat Chunian Power Limited, Lalpir Limited, D.G. Khan Cement Company Limited, Nishat Hotels and Properties Limited, and members of the Mansha family.
The company also disclosed that, following a public offer dated March 27, 2026, Nishat Power Limited acquired an additional 218,123 shares, equivalent to 2.36% of RMPL, from public shareholders.
Following the completion of these transactions, the acquiring entities collectively hold 6,832,395 RMPL shares, representing 73.97% of the company’s issued share capital. Among the largest shareholders within the acquiring group are D.G. Khan Cement Company Limited with a 31.07% stake and Nishat Power Limited with 14.36%, while other affiliated companies and individuals hold the remaining shares.
The acquisition marks a significant milestone in the Nishat Group’s strategic investment in RMPL, strengthening its control over one of Pakistan’s leading maize processing companies. The transaction is expected to enhance the group’s long-term presence in the food and industrial ingredients sector while supporting its broader investment strategy.
