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LAHORE: In one of Pakistan’s largest corporate takeovers in the food processing sector, Nishat Group has acquired a 73.9 per cent controlling stake in Rafhan Maize Products Company Ltd (RMPL), ending Ingredion USA’s decades-long majority ownership.
Nishat Group announced on Tuesday that it had completed the acquisition of the controlling stake in RMPL. The shares were acquired principally from Ingredion USA, the company’s long-standing majority shareholder, along with additional purchases from minority shareholders and through a public offer.
Following the transaction, Nishat Group now owns an aggregate 73.9pc stake in Rafhan Maize, while Ingredion has retained a 20pc shareholding.
The acquisition expands Nishat Group’s presence beyond its traditional businesses in textiles, banking, energy, automobiles and hospitality into food ingredients and industrial starch.
