DIB Group Facilitates USD 101 Million Acquisition Financing for D.G. Khan Cement Company to Acquire Rafhan Maize.

Dubai Islamic Bank (DIB) Group has successfully completed a USD 101 million financing facility for D.G. Khan Cement Company Limited (DGKC) to facilitate its landmark acquisition of Rafhan Maize Products Company Limited (RMPL).

The financing, structured as a USD 101 million Commodity Murabaha Facility, has enabled the Nishat Group to acquire a majority stake in RMPL from US-based ingredient solutions provider Ingredion Incorporated. DIB acted as the Sole Mandated Lead Advisor, Shariah Advisor, Arranger, and Financier for this milestone transaction.

Transaction Architecture and Financial Advisory

The cross-border acquisition financing was executed through close collaboration across multiple professional advisory teams. Dada Partners acted as the buy-side M&A advisor for the transaction, managing the commercial and structural alignment of the acquisition.

On the legal front, complex multijurisdictional framework requirements were addressed by specialized firms:

• Mohsin Tayebaly & Co. served as the Pakistani Law Legal Counsel.
• Hogan Lovells served as the English Law Legal Counsel.

The closing highlights DIB Group’s platform capabilities as an international Islamic banking institution capable of structuring and executing sophisticated, large-scale Shariah-compliant corporate solutions.

Strategic Context and Executive Commentary

The transaction marks a significant sector diversification move for the Nishat Group. While D.G. Khan Cement remains a prominent player in Pakistan’s infrastructure landscape, Rafhan Maize Products Company Limited is one of the country’s largest producers of agricultural carbohydrate derivatives, manufacturing industrial starches, liquid glucose, dextrose, and gluten meals for the food, pharmaceutical, and textile sectors.

Speaking on the occasion, Muhammad Ali Gulfaraz, CEO of DIB Pakistan, highlighted:

“This milestone represents another significant achievement for DIB’s Investment Banking team and further demonstrates our ability to deliver bespoke strategic financing solutions that support clients in executing transformational transactions while remaining fully compliant with the principles of Islamic finance.”

The management of DIB Group expressed appreciation for the cooperation of DGKC’s management team and acknowledged the continued trust placed in DIB by the Nishat Group throughout the execution of this high-volume corporate restructuring transaction.