KARACHI: Pakgen Limited (formerly Pakgen Power Limited), a Nishat Group company, has announced a significant increase in its shareholding in Rafhan Maize Products Company Limited (RMPL) after completing a series of share acquisitions under previously signed share purchase agreements.
According to a material information notice submitted to the Pakistan Stock Exchange (PSX) on June 30, 2026, Pakgen and its affiliated companies acquired 4,713,831 ordinary shares, representing 51.04% of RMPL’s share capital, from Ingredion Incorporated USA. The acquisition was executed under a Share Purchase Agreement originally signed on September 25, 2025, and later amended on December 29, 2025. The agreed transaction price was Rs. 9,800 per share.
The acquired shares were distributed among several Nishat Group entities and family members. The largest allocation went to Nishat Power Limited, followed by D.G. Khan Cement Company Limited, while additional shares were acquired by Nishat Hotels and Properties Limited, Nishat Chunian Power Limited, and members of the Mansha family.
In addition to the Ingredion transaction, the purchasers completed further acquisitions totaling 1,900,441 shares from members of the Monnoo family and other shareholders under separate Share Purchase Agreements. These transactions were also executed at Rs. 9,800 per share, with shares allocated among Pakgen Limited, Nishat Mills Limited, Nishat Chunian Power Limited, and Lalpir Limited.
The company also disclosed that Nishat Power Limited acquired an additional 218,123 shares, equivalent to 2.36% of RMPL, through a public offer dated March 27, 2026.
Following the completion of all these transactions, the acquiring group now collectively owns 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 acquiring group with a 31.07% stake, followed by Nishat Power Limited holding 14.36%. Pakgen Limited now owns 6.69%, while Nishat Chunian Power Limited, Lalpir Limited, Nishat Mills Limited, and Nishat Hotels and Properties Limited also hold notable stakes.
The transaction marks a major milestone in Nishat Group’s strategic investment in Pakistan’s leading corn refining company and significantly strengthens its ownership position in Rafhan Maize Products. The disclosure was made in compliance with Rule 5.6.4 of the Pakistan Stock Exchange Rule Book and has been communicated to the relevant regulatory authorities.
