Karachi: Sapphire Fibres Limited has announced its intention to acquire up to 75.69% of shares in Rafhan Maize Products Company Limited, according to a public announcement published in newspapers on May 17, 2025. This move comes under Sections 96 and 131 of the Securities Act, 2015, and Regulation 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited.

The announcement was made by Optimus Capital Management, which is acting as the Manager to the Offer. The acquisition is part of a strategic effort by Sapphire Fibres Limited to expand its portfolio in the food processing sector, specifically targeting the shares of Rafhan Maize Products Company Limited.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition plans must comply with the provisions laid out in the Securities Act, 2015, and the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Regulations, 2017. This regulatory framework ensures that substantial acquisitions and takeovers are conducted transparently and fairly.

The dissemination of this information to the members of the Exchange has been requested to ensure that all stakeholders are informed of the potential changes in shareholding. The designated market category for this transaction is food processing, as Sapphire Fibres Limited seeks to significantly increase its stake in Rafhan Maize Products, a key player in this sector.