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Ingredion Announces Conditional Sale of Equity in Rafhan Maize

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Ingredion (NYSE:INGR) has announced a conditional agreement to sell a 51% ownership stake in Rafhan Maize to Nishat Hotels and Properties Ltd., based in Lahore, Pakistan. Following the transaction, Ingredion will maintain a 20% ownership interest in Rafhan Maize.

The deal's completion is contingent upon securing international financing and is anticipated to close in H1 2026, subject to regulatory approvals and other customary closing conditions.

Ingredion (NYSE:INGR) ha annunciato un accordo condizionale per vendere una 51% partecipazione in Rafhan Maize a Nishat Hotels and Properties Ltd., con sede a Lahore, Pakistan. Dopo la transazione, Ingredion manterrà una 20% partecipazione in Rafhan Maize.

Il completamento dell'operazione dipende dall'ottenimento di finanziamenti internazionali ed è previsto entro la prima metà del 2026, soggetto ad approvazioni regolamentari e ad altre condizioni di chiusura usuali.

Ingredion (NYSE:INGR) ha anunciado un acuerdo condiciona para vender una participación del 51% en Rafhan Maize a Nishat Hotels and Properties Ltd., con sede en Lahore, Pakistán. Tras la transacción, Ingredion mantendrá un interés del 20% en Rafhan Maize.

La finalización del negocio depende de obtener financiamiento internacional y se espera que cierre en la primera mitad de 2026, sujeto a aprobaciones regulatorias y a otras condiciones habituales de cierre.

Ingredion (NYSE:INGR)이(가) 파키스탄 라호르에 본사를 둔 Nishat Hotels and Properties Ltd.에 Rafhan Maize의 51% 지분을 매각하기 위한 조건부 계약을 발표했습니다. 거래 완료 후 20% 지분을 Rafhan Maize에 보유하게 됩니다.

거래 완료는 국제 자금 조달 확보에 달려 있으며, 규제 승인 및 기타 일반적인 종결 조건에 따라 2026년 상반기에 마감될 것으로 예상됩니다.

Ingredion (NYSE:INGR) a annoncé un accord conditionnel visant à vendre une participation de 51% dans Rafhan Maize à Nishat Hotels and Properties Ltd., basé à Lahore, Pakistan. À l'issue de la transaction, Ingredion détiendra une participation de 20% dans Rafhan Maize.

La finalisation de l'opération dépendra de l'obtention d'un financement international et devrait être clos au cours du premier semestre 2026, sous réserve des approbations réglementaires et d'autres conditions habituelles de clôture.

Ingredion (NYSE:INGR) hat eine bedingte Vereinbarung bekannt gegeben, eine 51%-Eigentumsanteil an Rafhan Maize an Nishat Hotels and Properties Ltd., mit Sitz in Lahore, Pakistan, zu verkaufen. Nach der Transaktion wird Ingredion eine 20%-Eigentumsanteil an Rafhan Maize behalten.

Der Abschluss der Transaktion ist davon abhängig, internationale Finanzierung sicherzustellen, und wird voraussichtlich in der ersten Hälfte 2026 abgeschlossen, vorbehaltlich behördlicher Genehmigungen und anderer üblicher Abschlussbedingungen.

Ingredion (NYSE:INGR) أعلنت عن اتفاقية شرطية لبيع حصة %51 من Rafhan Maize إلى Nishat Hotels and Properties Ltd., ومقرها في لاهور، باكستان. بعد الصفقة ستحتفظ Ingredion بحصة %20 في Rafhan Maize.

إتمام الصفقة مشروط بتأمين تمويل دولي ومن المتوقع أن يتم الإغلاق في النصف الأول من 2026، رهناً بالموافقات التنظيمية وغيرها من شروط الإغلاق المعتادة.

Ingredion (NYSE:INGR)宣布与 Nishat Hotels and Properties Ltd. 就出售 Rafhan Maize 的 51% 股权达成有条件协议,后者总部设在巴基斯坦拉合尔。交易完成后,Ingredion 将在 Rafhan Maize 保留 20% 股权。

交易的完成取决于获得国际融资,预计在 2026 年上半年完成,须经监管批准及其他常规交割条件。

Positive
  • Strategic divestment of majority stake while maintaining meaningful ownership position
  • Potential to unlock value from Pakistani operations
Negative
  • Deal completion depends on securing international financing
  • Extended timeline until H1 2026 for closing

WESTCHESTER, Ill., Sept. 29, 2025 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage industry, today announced that it has signed a conditional agreement to sell a 51% ownership interest in Rafhan Maize to Nishat Hotels and Properties Ltd., located in Lahore, Pakistan. Ingredion will retain a 20% ownership interest in Rafhan Maize. The sale is conditional pending the arrangement of international financing.

The transaction is expected to close in the first half of 2026, subject to regulatory approvals and satisfaction of other customary closing conditions.

About Ingredion
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in nearly 120 countries. With 2024 annual net sales of approximately $7.4 billion, the Company turns grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers located around the world and more than 11,000 employees, the Company cocreates with customers and fulfills its purpose of bringing the potential of people, nature, and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

CONTACTS:
Investors: Noah Weiss, 773-896-5242
Media: Rick Wion, 708-209-6323



FAQ

What percentage of Rafhan Maize is Ingredion selling to Nishat Hotels and Properties?

Ingredion is selling a 51% ownership stake in Rafhan Maize, while retaining a 20% ownership interest.

When is the Ingredion-Rafhan Maize deal expected to close?

The transaction is expected to close in the first half of 2026, subject to regulatory approvals and financing conditions.

Who is buying Ingredion's stake in Rafhan Maize?

Nishat Hotels and Properties Ltd., located in Lahore, Pakistan, is purchasing the 51% ownership stake in Rafhan Maize.

What conditions need to be met for the INGR-Rafhan Maize deal to close?

The deal requires arrangement of international financing, regulatory approvals, and satisfaction of other customary closing conditions.
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