Overview
- Ingredion announced on Tuesday that it has completed the sale of a 51% interest in Rafhan Maize to a group led by Nishat Hotels and Properties, transferring controlling ownership to a major Pakistani conglomerate.
- Ingredion received about $165 million from the transaction and will retain an approximate 20% ownership stake in the business after closing.
- Pakistan’s Competition Commission completed a Phase-I review and cleared the acquisition in May 2026, clearing the path for the June 30 closing.
- Company leaders said the deal is part of Ingredion’s portfolio transformation to reduce earnings volatility and free capital to fund higher-growth segments while preserving access to Middle East and South Asia markets.
- Rafhan Maize is a large local maker of corn-based starches and sweeteners that recorded roughly $250 million in net sales for 2025, and Nishat said it will work with Rafhan’s management and workforce to expand value-added products and exports.