Nishat Hotels and Properties Limited, a part of Nishat Group, has expressed its intention to acquire up to 75.69% stake in Rafhan Maize Products Company Limited (RMPL), one of Pakistan’s largest agro-based companies.
RMPL disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“It is hereby informed that Rafhan Maize Products Company Limited has received firm intention from Nishat Hotels and Properties Limited to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of the target company, beyond the thresholds prescribed under section 111 of the Securities Act, 2015,” read the notice.
RMP shared that the intention was notified to its board of directors on May 14, 2025.
Nishat Hotels & Properties Limited primarily owns, manages, and operates a shopping mall, hotel, and banquet halls under the names of ‘Nishat Emporium’ and ‘Nishat Hotel’. The company also operates in the real estate business under the name of ‘Nishat Residences’, which mainly comprises residential apartments.
Earlier this month, Ingredion Incorporated, a US-based food and beverage ingredient provider, was evaluating offers to sell its stake in RMPL.
“Ingredion Incorporated has notified that they have received several non-binding offers relating to the potential sale of part of Ingredion’s equity stake in Rafhan Maize Products Company Limited, which they are evaluating,” RMPL informed the bourse back then.
Days ago, Cherat Cement and Shirazi Investments also expressed their plans to acquire a majority stake in the company.
RMPL started operations in Pakistan as a corn refining industry in 1953. Over the years, the company has grown into one of the biggest agro-based industries of Pakistan.
The company produces a variety of food ingredients and industrial products using maize as a basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
