Karachi: Sapphire Fibres Limited has issued a corrigendum to its initial public announcement of intention to acquire a substantial stake in Rafhan Maize Products Company Limited. The corrigendum, released on July 16, 2025, aims to provide clarifications and refinements to the original announcement made on May 15, 2025, and published on May 17, 2025, in the Business Recorder and Daily Nal Baat. This move is in accordance with regulatory requirements.

The acquisition plan involves Sapphire Fibres Limited seeking to gain control over up to 75.69% of Rafhan Maize Products' ordinary shares, equivalent to 6.99 million shares. According to information available from the Pakistan Stock Exchange (PSX), the initial public announcement was managed by Optimus Capital Management Limited on behalf of the acquirer.

The corrigendum confirms that the actions taken following the original announcement will remain valid, with only specific changes being incorporated as outlined in the recent update. All other terms from the initial announcement remain unchanged.

The acquisition involves several key figures within Sapphire Fibres Limited, including Shahid Abdullah, Nadeem Abdullah, Amer Abdullah, Yousuf Abdullah, and Shayan Abdullah, all based in Karachi, Pakistan.

The ultimate beneficial owners hold stakes in various investment companies across Pakistan. These include Channel Holdings Pvt Limited, Glory Pvt Limited, Resource Corporation Pvt Limited, Glitter Pvt Limited, Synergy Holdings Pvt Limited, and Acrylic Pvt Limited, with ownership ranging from 33.33% to 39.95%.

This acquisition falls under the designated market category of investment and private equity, highlighting significant strategic interest from Sapphire Fibres Limited in Rafhan Maize Products Company Limited.