Ingredion Incorporated has finalised the sale of a 51% interest in Rafhan Maize, a manufacturer of food and industrial ingredients based in Pakistan. The transaction, valued at approximately $165 million, was completed with a group of affiliated purchasers led by Nishat Hotels and Properties Ltd, a local operator with diversified interests in agriculture, textiles, banking, and hospitality.
The divestment aligns with Ingredion’s broader strategy to transform its business portfolio. According to the company, the sale is intended to reduce earnings volatility and unlock capital that can be redirected toward higher-growth areas of its business.
Jim Zallie, chairman, president, and CEO of Ingredion, noted that the decision reflects the company’s focus on long-term capital allocation. For the 2025 fiscal year, the Pakistan-based operation reported net sales of approximately $250 million.
While the sale reduces its majority control, Ingredion will retain an approximate 20% ownership interest in Rafhan Maize. The company stated that maintaining this minority stake ensures continuity of access to markets in the Middle East and South Asia, which remain identified as long-term growth platforms.
The transaction was initially announced on 29 September 2025, and its completion marks the latest step in Ingredion’s efforts to streamline its global operations and focus on its core ingredient solutions.
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