Karachi: Sapphire Fibres Limited has formally withdrawn its public announcement of intention to acquire up to 75.69% of Rafhan Maize Products Company Limited, following unsuccessful negotiations with the current owner, Ingredion Inc. The decision, announced on December 31, 2025, comes after an extensive period of due diligence and dialogue that failed to yield mutually agreeable terms between the involved parties.

The original public announcement of intention (PAI), which was made on May 15, 2025, indicated Sapphire Fibres Limited’s ambition to acquire a majority shareholding in Rafhan Maize Products Company Limited. This announcement was subsequently published in the Business Recorder and Naibeat on May 17, 2025, and was followed by a corrigendum on July 16, 2025. The intended acquisition involved the procurement of up to 6,991,052 shares of the target company’s issued and paid-up capital.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal of the PAI is in compliance with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This regulation allows for the withdrawal of a public announcement of intention in cases where the negotiating parties cannot come to a satisfactory agreement.

Sapphire Fibres Limited, in their communication, confirmed that despite completing the necessary due diligence, the negotiations with Ingredion Inc. did not result in an agreement that met both parties’ expectations. Consequently, the proposed transaction could not proceed, leading to the formal withdrawal of the acquisition intention.

The withdrawal of the PAI will be published in the form and substance outlined in the company’s official communication, ensuring compliance with regulatory requirements. The designated market category for this transaction falls under the substantial acquisition of voting shares and takeovers, as per the applicable regulations.