Randon Maize Product Company Limited has announced that its majority shareholders, Engineer Inc., have contracted to buy 51.04 % of the shares in the company for sale conditional shares to hotels and properties.
According to the official disclosure of the Pakistan Stock Exchange, this transaction will reduce its equity in Randon Maize.
The completion of the agreement is subject to the fulfillment of the various terms described in the agreement and the recovery of necessary regulatory approval.
The company said that more updates will be provided along with the development of transactions. This development indicates a significant change in the ownership structure of one of Pakistan’s leading food components and industrial product companies.
It is worth noting that in the US city of Chicago, Engineer, Inc., is the majority of the company’s shareholder. Randon Maki has used corn as its primary raw material to develop a range of industrial products, including industrial starch, liquid glucose, dexterosis, deccostian and gluten.