Karachi: Optimus Capital Management (Private) Limited has formally withdrawn its public announcement of intention to acquire a majority stake in Rafhan Maize Products Company Limited. The announcement, dated December 31, 2025, marks the end of a proposed transaction that began on May 15, 2025, when the announcement was initially made on behalf of Sapphire Fibres Limited.

The intended acquisition involved purchasing up to 75.69% of Rafhan Maize Products from Ingredion Inc., translating to up to 6,991,052 shares. The announcement was initially disseminated through the Business Recorder and Nai-baat on May 17, 2025. However, after conducting comprehensive due diligence and engaging in negotiations, the parties involved failed to agree on mutually acceptable terms. As a result, the transaction could not be completed.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal follows the regulatory framework outlined in the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Optimus Capital Management, acting as the Manager to the Offer, has communicated the withdrawal to the Pakistan Stock Exchange Limited, the Securities and Exchange Commission of Pakistan, and the Target Company, ensuring compliance with all necessary regulatory formalities.