Nishat Group Acquires Majority Stake in Rafhan Maize for $165 Million
A major shift has occurred in Pakistan's industrial sector. The American company 'Ingredion' has sold its majority shares in Pakistan's renowned company 'Rafhan Maize'. These shares have been purchased by Pakistan's prominent business group, 'Nishat Hotels and Properties'.
Under this agreement, the Nishat Group has acquired a 51 percent stake in Rafhan Maize. The total value of this deal is reported to be approximately $165 million. Even after this sale, the American company Ingredion will retain a 20 percent stake in Rafhan Maize, meaning it will still remain partially associated with the company.
Rafhan Maize is a key company in Pakistan that produces various products from corn. These products are used as raw materials in food, textiles, and several other industries. The takeover of the company's control by the Nishat Group is being considered a significant step for Pakistan's local economy and industrial development.
Economic experts state that such large-scale deals reflect the confidence of local investors in the Pakistani market. Nishat Group is already a major name in the textile, banking, and cement sectors, and it will now further expand its business presence through Rafhan Maize.
This agreement marks a new direction in Pakistan's corporate world. While some international companies are shifting their strategies, large local business groups are stepping forward to take over these vital institutions. It is expected that this change will have positive impacts on the country's industrial production and employment opportunities.