Ingredion completes sale of 51% stake in Rafhan Maize for $165M to Nishat Group

Ingredion Inc

Ingredion sold 51% of Rafhan Maize to Nishat Hotels and Properties Ltd. for ~$165M cash.
Rafhan Maize generated ~$250M net sales in 2025; Ingredion retains a 20% minority stake.
Shareholders agreement includes a put option exercisable starting in the fifth year post-closing.
Ingredion and Rafhan Maize entered manufacturing/supply and distribution agreements for continued product supply.
Transaction closed on June 30, 2026; proceeds received in U.S. dollars.

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