Lahore: Sapphire Fibres Limited has formally withdrawn its public announcement of intention to acquire up to 75.69% of the issued and paid-up capital and control of Rafhan Maize Products Company Limited. The withdrawal notice was published on January 1, 2026, signifying a halt in what would have been a significant acquisition within the market.

According to information available from the Pakistan Stock Exchange (PSX), the proposed acquisition by Sapphire Fibres Limited was initially aimed at securing a substantial controlling interest in Rafhan Maize Products, a move that could have reshaped their market strategies and positioning. The reasons behind the withdrawal have not been disclosed, leaving the market to speculate on what factors influenced this decision.

The public announcement and its subsequent withdrawal have been closely monitored by stakeholders and analysts, given the potential implications on the market dynamics within the designated market category. The acquisition, had it proceeded, would have marked a notable shift in the industry's landscape.

Rafhan Maize Products, a prominent entity in its sector, now remains independent as Sapphire Fibres Limited retracts its acquisition plans. The published withdrawal notice has been disseminated through various channels, ensuring that all interested parties are duly informed of the change in intentions.