Ingredion (NYSE: INGR) nets $165M from Rafhan Maize stake sale, keeps 20%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Ingredion Incorporated has completed the previously announced sale of 51% of the issued share capital of Rafhan Maize Products Co. Ltd. to a purchaser group led by Nishat Hotels and Properties Limited for approximately $165 million in cash, received in U.S. dollars.
Rafhan Maize generated about $250 million of net sales in 2025 and is not in a reportable segment. As part of the deal, the purchasers acquired roughly 78% of Rafhan Maize’s outstanding shares, while Ingredion retained an approximate 20% minority ownership interest. A shareholders agreement grants Ingredion a put option exercisable beginning in the fifth year after closing, and new manufacturing, supply, and distribution agreements will support ongoing product flows between Ingredion and Rafhan Maize.
Positive
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Insights
Ingredion monetizes a non-segment asset while retaining a strategic minority stake.
Ingredion received about $165 million in cash for selling its 51% stake in Rafhan Maize, a Pakistan-based starch and sweetener producer that generated roughly $250 million of net sales in 2025. The asset is described as not in a reportable segment.
Ingredion keeps an approximate 20% minority interest, governed by a shareholders agreement that includes a put option exercisable starting in the fifth year after closing. This structure preserves exposure to Rafhan Maize while giving Ingredion a defined exit path.
Ancillary manufacturing, supply, and distribution agreements mean commercial ties continue after the sale, with Rafhan Maize producing certain products for Ingredion affiliates and Ingredion supplying specialty products into Pakistan. Actual financial impact will depend on future performance and use of the $165 million proceeds.
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
Sale consideration: $165 million cash
Stake sold: 51% of issued share capital
Rafhan Maize net sales: $250 million
+4 more
7 metrics
Sale consideration
$165 million cash
Aggregate consideration received for 51% stake in Rafhan Maize
Stake sold
51% of issued share capital
Portion of Rafhan Maize sold by Ingredion
Rafhan Maize net sales
$250 million
Net sales in 2025, not in a reportable segment
Purchaser ownership
78% of outstanding shares
Total Rafhan Maize shares acquired by purchaser group
Retained minority interest
Approximately 20%
Ingredion’s ongoing ownership stake in Rafhan Maize after closing
Put option start
Fifth year after closing
Earliest exercise timing for Ingredion’s put option
Closing date
June 30, 2026
Date transaction was completed
Key Terms
put option, minority ownership interest, shareholders agreement, manufacturing and supply agreement, +2 more
6 terms
put option financial
"a put option exercisable beginning in the fifth year following closing"
A put option is a financial contract that gives its holder the right, but not the obligation, to sell a specified quantity of a stock or other asset at a set price within a defined time. Think of it like insurance on an investment—if the asset’s market price falls, the put lets an investor lock in a higher sale price or profit from the decline, helping limit losses or speculate on downward moves.
minority ownership interest financial
"Ingredion retains an approximately 20% minority ownership interest in Rafhan Maize"
manufacturing and supply agreement financial
"including a manufacturing and supply agreement pursuant to which Rafhan Maize will continue to manufacture"
distribution agreement financial
"and a distribution agreement pursuant to which Ingredion will supply certain specialty products"
A distribution agreement is a contract that lets one party sell, market or deliver another party’s products or services in specified places or channels, and spells out who handles pricing, inventory, delivery, payments and how long the arrangement lasts. For investors it matters because these deals determine how widely a product can reach customers, how quickly revenue can grow, what profit margin the company keeps, and what legal or operational risks the business assumes—think of it like a store deciding which wholesaler will stock and promote a product.
reportable segment financial
"Rafhan Maize, which is not in a reportable segment, generated approximately $250 million of net sales"
A reportable segment is a distinct part of a company’s business that management tracks separately and for which separate financial results are published, like a company showing profit and sales for each product line or geographic region. It matters to investors because it breaks a complex business into readable pieces, letting you judge which parts drive growth, which are struggling, and where management allocates resources—similar to comparing performance across different store locations.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(708 ) 551-2600
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 30, 2026 | Ingredion Incorporated | ||||||||||||||||||||||||||||
| By: | /s/ Tanya M. Jaeger de Foras | ||||||||||||||||||||||||||||
Tanya M. Jaeger de Foras Senior Vice President, Chief Legal Officer, Corporate Secretary and Chief Compliance Officer | |||||||||||||||||||||||||||||
FAQ
What did Ingredion (INGR) sell in the Rafhan Maize transaction?
Ingredion sold 51% of the issued share capital of Rafhan Maize Products Co. Ltd., a Pakistan-based producer of industrial starches, glucose, dextrose, dextrin, gluten meals, and related products, to a purchaser group led by Nishat Hotels and Properties Limited.
How much cash did Ingredion (INGR) receive from the Rafhan Maize sale?
Ingredion received approximately $165 million in cash, paid in U.S. dollars, for selling its 51% stake in Rafhan Maize. This consideration reflects the aggregate amount received from the purchaser group led by Nishat Hotels and Properties Limited at closing.
What was Rafhan Maize’s financial contribution before the sale for Ingredion (INGR)?
In 2025, Rafhan Maize generated approximately $250 million of net sales and was not included in a reportable segment. This indicates a meaningful standalone business, though the company did not classify it within its primary operating segments.
What ownership stake does Ingredion (INGR) retain in Rafhan Maize after the transaction?
After the transaction, Ingredion retains an approximately 20% minority ownership interest in Rafhan Maize. The purchaser group acquired about 78% of Rafhan Maize’s outstanding shares, including Ingredion’s former 51% ownership stake, shifting control while preserving minority exposure.
What commercial agreements were signed between Ingredion (INGR) and Rafhan Maize?
Ingredion and Rafhan Maize entered into a manufacturing and supply agreement, under which Rafhan Maize will make and supply certain products to Ingredion affiliates, and a distribution agreement where Ingredion will supply certain specialty products for Rafhan Maize to distribute in Pakistan.