CCP Approves Nishat Group Acquisition of Rafhan Maize Products Shares

Competition Commission of Pakistan (CCP) has approved the acquisition of shares in Rafhan Maize Products Company Limited by a consortium led by entities of the Nishat Group.

The shares are being acquired from Ingredion Incorporated, the majority seller, along with other individual shareholders who held stakes in Rafhan Maize Products Company Limited.

The acquiring entities include Nishat Hotels and Properties Limited, D.G. Khan Cement, Nishat Mills, Lalpir Power, Pakgen Power, Nishat Power, and Nishat Chunian Power Limited.

The Commission conducted a Phase-I review under Section 11 of the Competition Act 2010, assessing the transaction’s potential impact on competition in relevant Pakistani markets.

Rafhan Maize Products operates in the upstream market for maize derivatives including starch, liquid glucose, dextrose, dextrin, and gluten meals produced across its facilities.

Nishat Mills Limited, one of the acquiring entities, operates downstream in textile production, where starch is used as a manufacturing input in its operations.

The Commission identified a vertical overlap between the upstream and downstream markets but concluded the transaction would not substantially lessen competition in those markets.

Alternative domestic suppliers and the availability of imports were found sufficient to constrain any potential anti-competitive conduct arising from Rafhan’s position in the upstream market.

Starch represents a relatively small share of input costs in downstream textile production, which the Commission noted further limits the risk of any foreclosure occurring.

The Commission also found that Rafhan lacks both the ability and the incentive to engage in input foreclosure, given spare upstream capacity and competitive supplier pressures.

The Commission determined that the acquisition does not create or strengthen a dominant market position and raises no competition concerns under Pakistan’s applicable competition laws.

The transaction was formally authorised under Section 31(1)(d)(i) of the Competition Act 2010, clearing the way for the Nishat consortium to complete the share acquisition.

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