On September 30, 2025, Ingredion Incorporated announced that it had signed a conditional agreement to sell a 51% ownership interest in Rafhan Maize to Nishat Hotels and Properties Ltd., a Pakistani hospitality company based in Lahore.
The transaction is conditional on the arrangement of international financing and is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions. Ingredion will retain a 20% ownership interest in Rafhan Maize following the sale.
This divestiture reduces Ingredion’s exposure to the Pakistani market and aligns the company’s portfolio more closely with its core ingredient business. While the announcement does not disclose a purchase price, the sale of a majority stake represents a significant shift in the company’s asset base and potential future capital allocation strategy.
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