Nishat Group Eyes Majority Stake in Rafhan Maize

Nishat Hotels and Properties Limited, a subsidiary of Nishat Group, has publicly announced its interest in acquiring a substantial stake, up to 75.69%, in Rafhan Maize Products Company Limited (RMPL). RMPL is recognized as one of Pakistan’s foremost agro-based enterprises.

RMPL communicated this development to the Pakistan Stock Exchange (PSX) through an official notification on Thursday.

The notification stated that Rafhan Maize Products Company Limited has formally received Nishat Hotels and Properties Limited’s intention to procure up to 6,991,052 voting shares. This represents 75.69% of the company’s fully paid-up capital, exceeding the thresholds outlined in section 111 of the Securities Act, 2015.

RMPL indicated that the board of directors was informed of this intention on May 14, 2025.

Nishat Hotels & Properties Limited’s primary activities include owning, managing, and operating the ‘Nishat Emporium’ shopping mall, the Nishat Hotel, and associated banquet facilities. The company is also active in the real estate sector under the ‘Nishat Residences’ brand, focusing predominantly on residential apartments.

Earlier in May, Ingredion Incorporated, a US-based supplier of ingredients for the food and beverage industries, was reportedly considering various proposals for the sale of its ownership position in RMPL.

RMPL had previously informed the stock exchange that Ingredion Incorporated had notified them about receiving multiple non-binding offers for the potential sale of a portion of Ingredion’s equity stake in Rafhan Maize Products Company Limited, offers which were under evaluation.

In recent weeks, both Cherat Cement and Shirazi Investments also declared their intentions to pursue a controlling interest in RMPL.

Since commencing operations in Pakistan in 1953 as a corn refining business, RMPL has evolved into one of the country’s largest agro-industrial corporations.

The company utilizes maize as its core raw material to produce a diverse range of food ingredients and industrial products. Its main outputs include industrial starches, liquid glucose, dextrose, dextrin, and gluten meals.