Karachi: Rafhan Maize Products Company Limited has disclosed that Sapphire Fibres Limited has expressed a firm intention to acquire a significant portion of its shares. The announcement, made to the board of directors of Rafhan Maize on May 16, 2025, details Sapphire Fibres' plan to obtain up to 6,991,052 voting shares. This acquisition represents 75.69% of the company's paid-up capital.

The proposal by Sapphire Fibres exceeds the thresholds set under section 111 of the Securities Act, 2015. As this acquisition involves a substantial share of Rafhan Maize's capital, it requires adherence to specific regulations outlined in the takeover regulations.

According to information available from the Pakistan Stock Exchange (PSX), the disclosure has been communicated to shareholders of the Target Company. This was facilitated by the securities exchange, which made the information accessible through its notice board, automated information system, and a formal announcement at the exchange.

The move by Sapphire Fibres, categorized under the designated market category, reflects its interest in acquiring a controlling interest in Rafhan Maize, pending compliance with regulatory requirements.