Nishat Group Acquires Controlling Stake in Rafhan Maize in PKR 66 Billion Landmark Deal

The Nishat Group has acquired a controlling interest in Rafhan Maize Products Company Limited through a landmark transaction valued at approximately PKR 66 billion, making it one of the most significant corporate acquisitions in Pakistan's history.

According to available reports, the transaction is the largest private-sector cross-border merger and acquisition (M&A) involving a listed company in Pakistan, excluding privatization transactions.

The acquisition involved the purchase of 73.9% of Rafhan Maize's shares, with 51% acquired from Ingredion Incorporated (USA), which has retained a strategic minority shareholding. In addition, 20.5% was purchased from a minority shareholder, while 2.4% was acquired through the mandatory public offer.

Following the completion of the transaction, Nishat Group now owns a super-majority stake of 75.9% in the company.

The acquisition reflects continued activity in Pakistan's corporate and investment landscape and could have important implications for the country's food processing and manufacturing sectors.

Key Highlights

• Transaction value: Approximately PKR 66 billion
• Largest private-sector cross-border M&A involving a listed Pakistani company (excluding privatizations)
• Nishat Group now owns 75.9% of Rafhan Maize
• Ingredion Incorporated retains a strategic minority shareholding
• Dada Partners acted as the exclusive financial advisor

Disclaimer: This article is for informational purposes only and is based on publicly available reports. Readers are encouraged to verify all information through official company announcements and regulatory disclosures before making any business or investment decisions