Ingredion sells 51% Rafhan Maize stake for $165M

• Ingredion sold a 51% stake in its Pakistan business Rafhan Maize for about $165 million.
• The company retains a 20% ownership interest after the transaction.
• Ingredion said the deal reduces earnings volatility and supports higher-growth investments.

Ingredion (NYSE:INGR) completed the sale of a 51% equity interest in its Pakistan business, Rafhan Maize, for approximately $165 million.

The stake was sold to a purchaser group led by Nishat Hotels and Properties, while Ingredion kept about 20% ownership in the business.

Ingredion said the Pakistan unit generated unaudited 2025 net sales of about $250 million.

The company said the transaction is intended to reduce earnings volatility and free up capital for higher-growth investments.

Ingredion said it will continue to have exposure to the Middle East and South Asia markets through its remaining stake and existing commercial footprint.

The company also said it expects the structure of the deal to support a more focused capital allocation strategy going forward.