Rafhan Maize Products Company Limited has announced that its majority shareholder, Ingredion Incorporated, has entered into a conditional share purchase agreement to sell its 51.04% stake in the company to Nishat Hotels and Properties Limited.
According to an official disclosure to the Pakistan Stock Exchange, the transaction will result in Ingredion reducing its equity in Rafhan Maize.
The completion of the deal is subject to the fulfillment of various conditions outlined in the agreement and the receipt of necessary regulatory approvals.
The company stated that further updates will be provided as the transaction progresses. The development marks a significant change in the ownership structure of one of Pakistan’s leading food ingredients and industrial products companies.
It is worth noting that Ingredion Incorporated, based in Chicago, USA, is the majority shareholder of the company. Rafhan Maize uses maize as its primary raw material to produce and market a range of industrial products, with key offerings including industrial starches, liquid glucose, dextrose, dextrin, and gluten meals.
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