US-based firm sells 75 percent stake in Pakistan’s leading starch producer to Nishat Group

The undated pictures shows signboard of Rafhan Maize in Lahore. (Google Map)
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Updated 15 February 2026
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US-based firm sells 75 percent stake in Pakistan’s leading starch producer to Nishat Group

  • Rafhan Maize, prominent Pakistani starch and food ingredients producer, has a market capitalization of $355 million, says brokerage firm 
  • Brokerage firm Arif Habib Ltd. says transaction ranks among largest mergers and acquisitions deals in Pakistan in nearly two decades

Karachi: US-based firm Ingredion Incorporated has formally agreed to sell up to 75% of its stake in Rafhan Maize Products, a leading Pakistani starch and food ingredients manufacturer, to Pakistan’s Nishat Group, Ingredion’s financial adviser said on Sunday. 

Rafhan Maize is a subsidiary of Ingredion Incorporated, a prominent global corn refiner which began its operations in Pakistan as a pioneer of the corn refining industry in 1953. Over the last six decades, Rafhan Maize says it has expanded operations to become one of the country’s premier agro-based industries. 

Nishat Group, meanwhile, is a Pakistani private sector business conglomerate. Brokerage firm Arif Habib Limited acted as the exclusive financial adviser to Ingredion Incorporated for the transaction. 

“This landmark transaction ranks among the largest M&A deals in Pakistan in nearly two decades, giving the Nishat Group a controlling stake in Rafhan Maize,” Shahid Ali Habib, chief executive officer of Arif Habib Ltd., said in a statement.

He added that Rafhan Maize has a market capitalization of approximately Rs100 billion [$355 million].

Habib described Rafhan Maize as a “market leader” in Pakistan’s starch industry, operating three production facilities nationwide with a production capacity more than five times its nearest competitor.

“Ingredion shall retain a strategic stake in the company and continue to support the Nishat Group,” he added.


Pakistan opposition ends protests, PTI forms ‘Imran Khan Release Force’ for jailed ex-PM

Updated 18 February 2026
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Pakistan opposition ends protests, PTI forms ‘Imran Khan Release Force’ for jailed ex-PM

  • Opposition alliance ends week-long protests over Khan’s health concerns
  • Party announces nationwide membership drive for “peaceful” mobilization

ISLAMABAD: A Pakistani opposition alliance on Wednesday called off nationwide sit-ins held over jailed former prime minister Imran Khan’s health, while his Pakistan Tehreek-e-Insaf (PTI) party announced a new mobilization campaign, including the formation of an “Imran Khan Release Force.”

Pakistan has faced months of political confrontation between Khan’s party and the government since his arrest in 2023, with repeated protests, court battles and accusations by PTI that authorities are attempting to sideline its leader from politics, allegations the government denies.

Tensions have intensified in recent weeks after concerns emerged about Khan’s health in prison. Khan’s lawyer told Pakistan’s Supreme Court last week that the ex-cricketer had lost significant vision in his right eye while in custody, while a medical board said the swelling had reduced after treatment and his vision had improved. Since last week, the Tehreek-i-Tahafuz-i-Ayin-i-Pakistan (TTAP) opposition alliance has been holding a days-long sit-in at Parliament House over Khan’s health concerns.

“All sit-ins including the one at parliament have been called off,” Hussain Ahmad Yousafzai, a spokesperson for the alliance, told Arab News.

Separately, Khyber Pakhtunkhwa Chief Minister Muhammad Sohail Afridi told reporters the party was preparing for an organized political movement to demand their leader’s release.

“After continuous violations of court orders, an organized public struggle has now become inevitable,” Afridi said, announcing the creation of an “Imran Khan Release Force,” with membership open to youth across the country.

Afridi said the organization would include PTI’s student, youth, women, minority and professional wings and would conduct a “completely peaceful struggle,” adding that Khan himself would dissolve the body after his release.

He said membership cards would be issued within days and supporters would take oath in Peshawar after Eid, with a formal chain of command operating under leadership designated by Khan.

“This struggle is for real freedom, supremacy of the constitution and law, democracy and free media,” Afridi said.

Imran Khan, 73, a former cricket star who served as prime minister from 2018 to 2022, was removed from office in a parliamentary vote of no confidence that he says was orchestrated by political rivals with backing from the military. Both the government and armed forces deny the allegation.

Khan has been jailed since August 2023 after convictions he and his Pakistan Tehreek-e-Insaf party call politically motivated.

Broadcast outlets have been restricted from airing Khan’s name and speeches or even showing his image. Only a single court photograph has been publicly available since his imprisonment.

PTI swept to power in 2018 and retains a large support base across key provinces.