The Nishat Group has significantly increased its ownership in Rafhan Maize Products Company Limited (RMPL), taking its collective shareholding to 73.97% following the completion of a series of share acquisitions under previously announced agreements. The development was disclosed by Lalpir Limited (formerly Lalpir Power Limited) in a material information notice submitted to the Pakistan Stock Exchange on June 30, 2026.
According to the disclosure, Lalpir Limited, together with its affiliated companies and members of the Mansha family, acquired 4,713,831 RMPL shares, representing 51.04% of the company’s total shareholding. The acquisition was completed under a Share Purchase Agreement (SPA) originally signed with Ingredion Incorporated USA, a substantial shareholder of RMPL, and later amended in December 2025.
The acquired shares were distributed among several Nishat Group entities and family members. D.G. Khan Cement Company Limited emerged as the largest recipient with 2.87 million shares, followed by Nishat Power Limited, Nishat Chunian Power Limited, Nishat Hotels and Properties Limited, and individual acquisitions by Mr. Hassan Mansha, Mr. Umer Mansha, Mr. Raza Mansha, and Mrs. Naz Mansha. The transaction was executed electronically at a price of Rs. 9,800 per share.
In addition to the Ingredion transaction, the disclosure states that the purchasers also acquired 1,900,441 ordinary shares from members of the Monnoo family and other shareholders under separate Share Purchase Agreements. These additional shares were allocated among Pakgen Limited, Nishat Mills Limited, Nishat Chunian Power Limited, and Lalpir Limited, further expanding the group’s presence in RMPL. The acquisition involved multiple shareholders and was also completed at Rs. 9,800 per share through electronic settlement.
The filing further noted that Nishat Power Limited acquired an additional 218,123 shares, equivalent to 2.36% of RMPL, through a public offer made to the company’s public shareholders.
Following the completion of all transactions, the acquiring parties now collectively own 6,832,395 shares, representing 73.97% of Rafhan Maize Products Company Limited. Among the major shareholders, D.G. Khan Cement Company Limited now holds 31.07%, Nishat Power Limited owns 14.36%, Nishat Chunian Power Limited holds 7.65%, while Pakgen Limited, Lalpir Limited, Nishat Mills Limited, and Nishat Hotels and Properties Limited also maintain notable stakes.
The acquisition marks one of the most significant ownership consolidations in RMPL, strengthening the Nishat Group’s strategic position in Pakistan’s food processing sector and giving it a commanding majority stake in one of the country’s leading maize products manufacturers.
