Ingredion completes $165 million sale of 51% stake in Rafhan Maize

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Summary · why it matters

Ingredion Incorporated completed the sale of a 51% interest in Rafhan Maize to a group of affiliated purchasers led by Nishat Hotels and Properties for approximately $165 million. Ingredion retained an approximately 20% ownership interest in Rafhan Maize after the close. The transaction was announced on September 29, 2025, and Ingredion's Pakistan business delivered net sales of approximately $250 million for full-year 2025.

Impact on assets 2

Synthetic Biology (non-pharma)▲
Ingredion Incorporated
INGR
▲ PositiveCapitalrelevance

Ingredion completed sale of 51% stake in Rafhan Maize for $165 million, generating cash and retaining 20% ownership.

Consumer Staples▲

Off-coverage companies 2

Nishat Hotels and Propertiesi
Private▲ PositiveCapitalrelevance

Nishat Hotels and Properties led the group that acquired a 51% stake in Rafhan Maize for $165 million.

Rafhan Maize Products Co. Limitedi
Private± Mixedrelevance