Ingredion Incorporated
06/30/2026 | Press release | Distributed by Public on 06/30/2026 04:45
Material Event (Form 8-K)
Item 8.01 Other Events.
On June 30, 2026, Ingredion Incorporated ("Ingredion") completed the previously announced sale of 51% of the issued share capital of Rafhan Maize Products Co. Ltd. ("Rafhan Maize"), a Pakistan-based company engaged in the manufacture and sale of industrial starches, liquid glucose, dextrose, dextrin, gluten meals and related products, to a group of affiliated purchasers led by Nishat Hotels and Properties Limited (collectively, the "Purchaser"), all of which are affiliates of the Nishat Group, a diversified group of companies headquartered in Lahore, Pakistan (the "Transaction").
The aggregate consideration received by Ingredion in the Transaction was approximately $165 million in cash, received in U.S. dollars. In 2025, Rafhan Maize, which is not in a reportable segment, generated approximately $250 million of net sales.
As part of the Transaction, the Purchaser acquired approximately 78% of the outstanding shares of Rafhan Maize, inclusive of Ingredion's approximately 51% ownership interest. Following completion of the Transaction, Ingredion retains an approximately 20% minority ownership interest in Rafhan Maize.
In connection with the Transaction, Ingredion and the Purchaser entered into a shareholders agreement governing Ingredion's continuing minority investment in Rafhan Maize that provides Ingredion with, among other rights, a put option exercisable beginning in the fifth year following closing. Additionally, in connection with the Transaction, Ingredion and Rafhan Maize entered into certain ancillary commercial agreements, including a manufacturing and supply agreement pursuant to which Rafhan Maize will continue to manufacture for and supply certain products to Ingredion affiliates and a distribution agreement pursuant to which Ingredion will supply certain specialty products to Rafhan Maize for distribution in Pakistan.
Ingredion Incorporated published this content on June 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 30, 2026 at 10:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]