16-05-2025
- Business
- Business Recorder
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.
