Sapphire Fibres Limited has formally announced its intention to acquire a 75.69% stake in Rafhan Maize Products Company Limited (RMPL).
The announcement was made through Optimus Capital Management, the designated manager for the acquisition offer, and submitted to the Pakistan Stock Exchange (PSX) on Friday. This move is in accordance with the Securities Act, 2015, and relevant takeover regulations.
“We would like to inform that Optimus Capital Management, Manager to the Offer, has submitted on May 15, 2025 a Public Announcement of Intention to acquire up to 75.69% shareholding in Rafhan Maize Products Company Limited (‘Target Company’), on behalf of Acquirer in accordance with the provisions of the Securities Act, 2015 and the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Regulations, 2017,” read the notification sent to the PSX.
The proposed acquisition marks a significant development in RMPL’s ownership structure, with Sapphire Fibres Limited aiming to gain controlling interest in the Faisalabad-based starch producer.
Within a month after the US ingredient giant Ingredion Inc. officially invited bids for its 71% stake in Rafhan Maize Products Company Ltd, four major contenders emerged to takeover the company.
Cherat Cement Company Ltd. (CCCL) and Shirazi Investments (Pvt.) Ltd. (SIL), the investment arm of the Atlas Group, was the first to announce its intention to acquire a majority stake in Rafhan Maize Products Company.
In a notice submitted to the PSX on May 8, Cherat Cement and Shirazi Investments declared their joint public intention to acquire up to 75.69% (6.99 million shares) and gain joint control of the Faisalabad-based starch producer.
On Thursday, Nishat Hotels and Properties Limited expressed intention to acquire a majority stake in Rafhan Maize Products Company, aiming to purchase up to 6,991,052 voting shares, which represent 75.69% of the target company’s paid-up capital.
