Ingredion Considers Offers for Rafhan Maize Stake

Ingredion Incorporated, a prominent US-based provider of food and beverage ingredients, is currently reviewing proposals for the potential sale of its ownership stake in Rafhan Maize Products Company Limited (RMPL), a major agro-based firm in Pakistan.

RMPL communicated this development in a formal notification to the Pakistan Stock Exchange (PSX) on Friday.

The notice stated, “Ingredion Incorporated has announced that they have received multiple preliminary, non-binding offers concerning a possible sale involving a portion of Ingredion’s equity in Rafhan Maize Products Company Limited. These offers are under evaluation.”

The notification further clarified that any decision regarding the potential sale, transaction, or associated processes will be “contingent upon adherence to all relevant legal requirements, necessary internal and regulatory authorizations, and the finalization of binding agreements.”

Following the announcement, RMPL’s stock value experienced a rise, reaching Rs9,050, which reflects an increase of Rs99.67, or 1.11%.

Rafhan Maize Products Company Limited (RMPL) commenced operations in Pakistan in 1953, initially focusing on corn refining. Over the years, the company has evolved into a leading agro-industrial entity in Pakistan.

RMPL utilizes maize as its primary raw material to produce a diverse array of food ingredients and industrial goods. Its main products encompass industrial starches, liquid glucose, dextrose, dextrin, and gluten meals.

In 1985, RMPL transitioned into a public limited company.

According to information accessible on the PSX, Ingredion Incorporated, based in Chicago, USA, holds the majority of the company’s shares.