Pakistan’s competition regulator has cleared a Nishat Group-led consortium to acquire shares and control of Rafhan Maize Products Company Limited, removing a key regulatory hurdle in one of the more closely watched corporate deals in the food and agribusiness space this year. The Competition Commission of Pakistan approved the transaction after a Phase I review under Section 11 of the Competition Act, concluding that the deal would not substantially lessen competition.
The buyers are not a single company but a cluster of Nishat-linked firms and family shareholders: Nishat Hotels and Properties, D.G. Khan Cement, Nishat Mills, Nishat Power, Nishat Chunian Power, Lalpir Power, Pakgen Power, along with Naz Mansha, Raza Mansha, Umer Mansha and Hassan Mansha. In plain terms, this is a consortium move, and that matters, because it shows the acquisition has been structured across several group entities rather than pushed through one acquirer alone.
The regulator’s analysis focused on Rafhan’s position in maize derivatives and Nishat Mills’ downstream use of starch in textile production. CCP identified a vertical link between the two businesses but said the deal was still unlikely to harm competition, pointing to other domestic suppliers and the availability of imports as checks on any attempt to squeeze the market. That was the heart of the decision, really: Rafhan may be a significant player, but the commission did not see the transaction as one that would create or strengthen a dominant position in a way that raised serious competition concerns.
The approval comes after a long and slightly messy deal trail. An earlier public announcement of intention, issued in May 2025 by Nishat Hotels and Properties, covered up to 6,991,052 shares, or 75.69% of Rafhan Maize’s paid-up capital. That route was later withdrawn, effective February 10, 2026, with the company saying regulatory approvals and other conditions had not been completed in time.
A revised structure followed. By February 2026, a Nishat-led consortium had announced a fresh intention to acquire up to 75.10% of Rafhan Maize and control of the company. Then, on March 27, 2026, the transaction moved into the public-offer stage for 298,759 ordinary shares, representing about 3.23% of paid-up capital, at an offer price of Rs9,800 per share. Offer documents sent through Next Capital set the acceptance window from May 14 to May 20, 2026.
Behind the public offer sits the larger control transaction with Ingredion. In a filing to the US Securities and Exchange Commission, Ingredion said it entered into a definitive agreement on September 25, 2025 to sell a 51% ownership interest in Rafhan Maize to Nishat Group, subject to regulatory approvals, a tender offer on the Pakistan Stock Exchange, financing from an internationally recognized lender, and State Bank of Pakistan permission to receive proceeds in US dollars. Ingredion also said it expected to retain a 20% stake after completion.
That broader context is what makes the CCP decision significant. It does not finish the story, but it clears one of the biggest gates. Rafhan Maize sits in a strategically important corner of Pakistan’s industrial food chain, supplying products such as starch, liquid glucose, dextrose, dextrin and gluten meals. For Nishat, the transaction would extend its footprint far beyond its familiar bases in textiles, cement, power and hospitality. For the market, it signals that a deal first floated last year is now moving from intention to execution.
