Lahore: In a significant development on the corporate front, Nishat Group, along with its affiliates, has successfully acquired a controlling stake in Rafhan Maize Products Company Limited (RMPL). This acquisition, finalized on June 30, 2026, involves the purchase of 4,713,831 shares, representing 51.04% of RMPL's shareholding.

The acquisition was structured under a Share Purchase Agreement (SPA) dated September 25, 2025, and subsequently amended on December 29, 2025. The key entities involved in the acquisition include Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Chunian Power Limited, Nishat Power Limited, and several individual stakeholders. The shares were purchased from Ingredion Incorporated USA, a substantial shareholder of RMPL, at a price of PKR 9,800 per share.

According to information available from the Pakistan Stock Exchange (PSX), the transaction highlights a strategic move by the Purchasers to enhance their investment portfolio within Pakistan's market category.

Additionally, the Purchasers have committed to acquiring an additional 1,900,441 ordinary shares from various members of the Monnoo family. This part of the transaction is governed by the Monnoo SPA and related agreements. The shares involved in this acquisition are held by individuals such as Mr. Zulfikar Monnoo, Mr. Wisal A. Monnoo, and Mr. Mian M. Adil Monnoo, among others.

The transaction underscores the continued expansion and diversification strategies of the Nishat Group, aiming to consolidate its influence in the country's corporate sector.