Sapphire Fibres Limited has withdrawn its public announcement of intention to acquire up to 75.69% of the issued and paid-up share capital of Rafhan Maize Products Company Limited after failing to reach mutually acceptable terms with the seller, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday.
The company had initially announced on May 15, 2025, its intention to acquire up to 6,991,052 shares of Rafhan Maize Products, representing a controlling stake of 75.69%, from Ingredion Inc. The public announcement was subsequently amended through a corrigendum issued on July 16, 2025.
Sapphire Fibres stated that following the completion of due diligence and subsequent negotiations, the parties were unable to finalise terms, resulting in the proposed transaction being abandoned.
The withdrawal has been made under Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, and will be published in the newspapers in the prescribed form.
