City Sugar Industries Ltd. agreed to acquire 53% stake in Rahima Food Corp. Ltd. (DSE:RAHIMAFOOD) from Rafia Chowdhury and others on October 18, 2016. Rafia Chowdhury will sell 1.86 million shares. The Board of Directors of Rahima Food has given consent to the proposal. The deal is subject to approval from regulatory bodies. City Sugar Industries Limited cancelled the acquisition of Rahima Food Corp. Ltd. (DSE:RAHIMAFOOD) from Rafia Chowdhury and others on October 18, 2017.