Several entities linked to the Nishat Group, along with members of the Mansha family, have expressed a firm intention to get control of Rafhan Maize Products Company Limited (RMPL) by purchasing up to 75.69 per cent of its voting shares. The potential acquisition marks a major development in Pakistan’s agro-based and food processing sector.
RMPL has revealed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday, confirming that the intention was communicated through an addendum to the Public Announcement of Intention (PAI) originally issued on May 14, 2025, and later amended via a corrigendum on July 28, 2025.
Who Are the Proposed Acquirers?
The proposed acquirers include a group of Nishat-linked companies such as Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Nishat Power Limited, Nishat Chunian Power Limited, Lalpir Power Limited, and Pakgen Power Limited.
Besides, Naz Mansha, Raza Mansha, Umer Mansha, and Hassan Mansha are also an integral part of the transaction and are stated to be acting in concert, as per the disclosure.
Conditions and Regulatory Approvals
RMPL clarified that the completion of the acquisition will depend on several conditions. These include the completion of due diligence, finalization of acquisition terms, execution of relevant legal agreements, and receipt of all necessary regulatory and corporate approvals.
Next Capital Limited has been appointed as the Manager to the Offer, overseeing the process, showing alignment with regulatory requirements.
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Ingredion’s Planned Exit from Rafhan Maize
The development follows earlier reports in May 2025 that Ingredion Incorporated, a US-based food and beverage ingredient company, was exploring options to sell its majority stake in Rafhan Maize.
Subsequently, Nishat Hotels and Properties Limited, part of the Nishat Group, formally expressed interest in acquiring up to 75.69 per cent of RMPL, setting the stage for the current transaction.
About the Nishat Group
The Nishat Group is one of Pakistan’s largest and most diversified business conglomerates, founded by Mian Muhammad Mansha. The group has major interests across textiles, banking, cement, power generation, and hospitality, and is known for long-term strategic investments in key sectors of the economy.
Rafhan Maize’s Legacy in Pakistan
Rafhan Maize started operations in Pakistan in 1953 as a corn refining company and has since grown into one of the country’s leading agro-based industries. It was converted into a public limited company in 1985.
Today, RMPL is busy in producing a wide range of food ingredients and industrial products derived from maize, supplying both domestic and export markets. If completed, the proposed acquisition could escort new strategic direction and investment to one of Pakistan’s most established agro-processing companies.