Nishat Group Acquires Majority Stake in Rafhan Maize for $165 Million
The American company 'Ingredion' has sold its 51 percent stake in Pakistan's renowned company 'Rafhan Maize' to Nishat Hotels and Properties. This deal was completed for $165 million, marking a significant development for the Pakistani economy and industrial sector.
Nishat Hotels and Properties is part of Pakistan's prominent business group, the 'Nishat Group'. Even after this sale, the American company Ingredion will retain a 20 percent stake in Rafhan Maize. Under this agreement, the ownership of the company has now transferred to the local group.
Rafhan Maize is a large and long-standing company in Pakistan that produces various products from corn. The company manufactures starch, glucose, and other such items used as raw materials in the food, textile, and other industries. Such a large investment by a local group is being seen as a positive sign for the country's industrial growth.
Economic experts say that this deal will help Rafhan Maize operate more effectively in accordance with the requirements of the local market. This agreement also reflects that Pakistan's major business groups are further strengthening their presence in the country's key industries.