In a major development within Pakistan’s corporate sector, Sapphire Fibres Limited has officially expressed its intention to acquire up to 6,991,052 voting shares—equivalent to 75.69% of the paid-up capital of Rafhan Maize Products Company Limited (RMPL).
The announcement was made public via a notice to the Pakistan Stock Exchange (PSX) on May 16, 2025, where RMPL disclosed the receipt of a firm acquisition intention from Sapphire Fibres. The proposed acquisition surpasses the regulatory thresholds outlined under Section 111 of the Securities Act, 2015.
“The securities exchange is requested to make the above information immediately available to the shareholders of RMPL under regulation 5(1),” the notice read.
Strategic Importance of RMPL
Founded in 1953, Rafhan Maize is one of Pakistan’s largest and most prominent agro-based companies, primarily focused on corn refining. Over the decades, RMPL has established itself as a leader in the production of:
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Industrial starches
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Liquid glucose
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Dextrose and dextrin
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Gluten meals
These products serve both food and industrial sectors, making RMPL a key player in the agro-processing supply chain.
What This Means for Sapphire Fibres
The proposed acquisition positions Sapphire Fibres to enter and potentially dominate the agro-industrial processing segment, aligning well with diversification and value-chain integration strategies.
This move comes shortly after RMPL’s announcement of a major production and export expansion, signaling that Sapphire Fibres could be banking on growth potential and export revenue streams in the post-acquisition phase.
