Sapphire Fibres Limited seeks majority stake in Rafhan Maize
Sapphire Fibres Limited has expressed its intention to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of Rafhan Maize Products Company Limited (RMPL), one of Pakistan's largest agro-based companies.
This was shared by RMPL in a notice to the Pakistan Stock Exchange on Friday.
'It is hereby informed that Rafhan Maize Products Company Limited has received firm intention from Sapphire Fibres Limited to acquire up to 6,991,052 voting shares (representing 75.69% of the paid-up capital) of the target company, beyond the thresholds prescribed under section 111 of the Securities Act, 2015,' read the notice.
The company said that the intention was notified to the board of directors of RMPL on May 16, 2025.
'The securities exchange is requested to make the above information immediately available to the shareholders of RMPL under regulation 5(1), by placing it on the notice board and through notification.'
Rafhan Maize announces major expansion to boost production & exports
RMPL started operations in Pakistan as a corn refining industry in 1953. Over the years, the company has grown into one of the biggest agro-based industries of Pakistan.
The company produces a variety of food ingredients and industrial products using maize as a basic raw material to manufacture and sell a number of industrial products, principal ones being industrial starches, liquid glucose, dextrose, dextrin and gluten meals.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
a day ago
- Business Recorder
Remote sensing satellite project: VTT Global and SUPARCO collaborate on roadmap strategy
ISLAMABAD: VTT Global (Private) Limited, Pakistan's leading strategy and management consultancy firm, held a high-level workshop with SUPARCO to strategise the roadmap and potential impact for Pakistan's upcoming remote sensing satellite project and the broader expansion of space-based geospatial infrastructure. This satellite launch will unlock transformative impact across Pakistan's economic resilience, fiscal planning, space innovation, data sovereignty, and development priorities, anchoring the nation's place in the emerging global geospatial ecosystem. Designed through VTT's multidisciplinary approach, the project integrates legal, financial, and technical frameworks to ensure strategic alignment with Pakistan's Vision 2025, National Space Policy 2023, and Sustainable Development Goals (SDGs) 2015. Space technology: PM expresses his desire to enhance ties with China Based on the proposed model for public-private partnerships, investment mechanisms, and regulatory pathways, the project has vast potential. It can catalyse entrepreneurial advancement and drive Pakistan's long-term economic sustainability. Moreover, with enhanced access to real-time, high-resolution satellite data, the initiative promises wide-ranging implications. These include agricultural optimisation, climate adaptation, national security, urban planning, and disaster risk management. Ultimately, this initiative positions Pakistan to build a self-sustaining, space-enabled knowledge economy by reducing dependence on external systems and contributing to long-term GDP growth through sovereign geospatial intelligence. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business Recorder
Corporate legal framework: SECP, FJA hold first-of-its-kind training for Banking Court Judges
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in collaboration with the Federal Judicial Academy (FJA), conducted first-of-its-kind training programme for Banking Court Judges on Pakistan's corporate legal framework. This three-day training, held at FJA from June 2–4, 2025, marked a milestone in judicial capacity building and regulatory-jurisdictional alignment. The participating judges are officially notified to preside over prosecutions initiated by SECP. This can include cases involving white-collar crime, financial fraud, regulatory violations, and offences under laws such as the Companies Act, 2017 and the Securities Act, 2015. The practical and in-depth training was delivered by SECP Commissioners, Executive Directors, and senior subject-matter experts. Sessions covered a wide spectrum of topics, from company registration, licensing regimes, and financial reporting, to capital market offences, investigative powers, and emerging regulatory challenges. The FJA has been instrumental in facilitating and curating the training to ensure it meets the judiciary's evolving professional needs. The programme culminated with a certificate distribution ceremony, with Honourable Justice Miangul Hassan Aurangzeb, Judge of the Supreme Court of Pakistan, as Chief Guest. This pioneering initiative underscores SECP's commitment to supporting judicial excellence and effective prosecution. It also sets the stage for a more informed, collaborative, and agile enforcement ecosystem — where regulators and courts work in tandem to uphold the law in an increasingly sophisticated financial environment. Copyright Business Recorder, 2025
Business Recorder
4 days ago
- Business Recorder
Fauji Foundation, KAPCO eye majority stake in ACPL
Fauji Foundation and Kot Addu Power Company Limited (KAPCO) have formally expressed their intention to jointly acquire a majority shareholding and joint control of Attock Cement Pakistan Limited (ACPL). KAPCO disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'The Board of Directors of KAPCO has approved the acquisition of shares and joint control of Attock Cement Pakistan Limited (ACPL) by the company and Fauji Foundation (FF) under the Securities Act, 2015 (the Act) and Listed Companies Regulations, 2017,' read the notice. It added that the acquisition is subject to the completion of necessary corporate and regulatory formalities. The company has appointed Integrated Equities Limited as Manager to the Offer (MTO) and sanctioned the commencement of due diligence and negotiation of acquisition terms. As per the public announcement of intention (PAI) submitted to the bourse, the acquirers intend to purchase 84.06% shareholding (Fauji Foundation 42.03%, KAPCO 42.03%) of APCL. The development comes as Pharaon Investment Group Ltd., a Lebanon-based company, is exploring a strategic sale of its stake in Attock Cement Pakistan Ltd. (ACPL). The potential sale has attracted initial interest from several major players in the cement and energy sectors, including Cherat Cement, Bestway Group, KAPCO and Fauji Cement, reported Bloomberg, citing people familiar with the matter Earlier, Pharaon Investment Group informed its stakeholders that certain prospective investors had expressed interest in acquiring its shareholding in ACPL and also indicated their intention to submit binding offers. PIGL shared that Standard Chartered Bank has been appointed as a financial advisor for the divestment process. Attock Cement Pakistan Ltd was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon. Its main business activity is the manufacturing and sale of cement.
