The Nishat Group has dismissed social media claims suggesting any change in ownership structure or redevelopment plans regarding Rafhan Maize Products Company Limited, calling the reports baseless and misleading.

In a statement, Nishat Group Chairman Mian Mohammad Mansha said the organization has noted “speculative and unverified” information circulating online about both the group and Rafhan Maize.

He clarified that no proposal related to ownership restructuring or property redevelopment has been approved or is under active consideration.

Mian Mansha urged the public and media to refrain from sharing unverified reports.

The clarification comes after the Competition Commission of Pakistan (CCP) recently approved a transaction involving the acquisition of shareholding in Rafhan Maize Products Company Limited by a consortium linked to Nishat Group and associated individuals, following a Phase I review under the Competition Act, 2010.

The approved deal involves the purchase of shares from Ingredion Incorporated, the majority seller, along with other shareholders.

The acquiring consortium includes Nishat Hotels and Properties Limited, D.G. Khan Cement Company Limited, Nishat Mills Limited, Lalpir Power Limited, Pakgen Power Limited, Nishat Power Limited, Nishat Chunian Power Limited, and several associated individuals.