Ingredion Incorporated has completed the sale of a 51% controlling stake in Rafhan Maize, its Pakistan-based processing subsidiary, to Nishat Hotels and Properties.
The transaction was finalized for $165 million, according to reports from Livemint and Brecorder.
The deal represents a significant shift in Ingredion’s geographic footprint, as the global ingredient solutions provider exits majority ownership of its operations in Pakistan.
Nishat, a diversified conglomerate with interests in hospitality and real estate, will now control the maize processing assets previously managed by Ingredion.
This move aligns with broader trends of foreign investors reassessing exposure to emerging markets amid regulatory and economic volatility.
The sale follows recent activity in Pakistan’s corporate sector, including regulatory approvals for other foreign acquisitions, such as the Competition Commission of Pakistan’s recent green light for BASF Pakistan’s acquisition.