Karachi: Rafhan Maize Products Company Limited has announced significant amendments to its Memorandum and Articles of Association following resolutions passed during its 139th Extraordinary General Meeting. The meeting, which took place on August 12, 2026, brought forth changes aimed at refining the company's governance and operational directives.
The resolutions, certified by Mustafa Kamal Zuberi, the Company Secretary of Rafhan Maize, were filed in compliance with the requirements of Regulations 5.6.9(b) of the Rule Book. Notably, the amendments involve the deletion of the phrase "at Faisalabad" from Object Clause II of the Memorandum of Association. Additionally, a new Sub Clause 34 has been introduced, clarifying the company’s commitment to lawful business practices and prohibiting engagement in multi-level marketing schemes or any unlawful activities.
Among the notable modifications in the Articles of Association, the corporation's affiliation with Ingredion Incorporated was redefined. Certain clauses were amended to replace references to Ingredion Incorporated with Nishat Shareholders, aligning with a shareholders agreement dated September 25, 2025, which was later amended on December 29, 2025. This agreement includes key stakeholders such as Nishat Hotels and Properties Limited, D.G Khan Cement Company Limited, and several individual shareholders.
According to information available from the Pakistan Stock Exchange (PSX), these changes reflect a strategic move to streamline the governance structure and bolster the relationship between Ingredion Incorporated and Nishat Shareholders. In Article 18, the transition from "Ordinary Resolution" to "Special Resolution" underscores the significance of these governance adjustments. Further, alterations in Article 29 enhance the requirements for shareholder representation, aiming to improve shareholder engagement and decision-making processes.
The amendments extend to articles that address the qualifications and representation of directors, with adjustments to Article 49, 56, and 63 that emphasize the role of Nishat Shareholders. The introduction of a new Article 71A codifies the precedence of the Shareholders Agreement over existing provisions, ensuring clarity in the governance relationship between Ingredion Incorporated, Nishat Shareholders, and the company.
These resolutions and amendments mark a pivotal step in Rafhan Maize Products Company Limited's ongoing efforts to refine its corporate governance framework, aligning with both local regulatory standards and international best practices.