Matco Foods in Talks to Sell Corn Subsidiary
Matco Foods Limited (PSX: MFL) has received a non-binding offer from IGI Investments (Private) Limited to acquire its entire 100 percent stake in Matco Corn Products (Private) Limited, according to a disclosure submitted to the Pakistan Stock Exchange on October…
Matco Foods Limited (PSX: MFL) has received a non-binding offer from IGI Investments (Private) Limited to acquire its entire 100 percent stake in Matco Corn Products (Private) Limited, according to a disclosure submitted to the Pakistan Stock Exchange on October 15.
Article outline
- What happened
- The key numbers
- The details
- The bottom line
Key points
- Matco Foods Limited was incorporated in Karachi on April 14, 1990, and listed on the Pakistan Stock Exchange in February 2018.
- Matco Foods' board of directors considered the offer on October 15 and authorized the company's management to enter into discussions and negotiations with the potential acquirer.
- Matco Foods has appointed Arif Habib Limited as its sell-side adviser for the proposed transaction.
- The proposed transaction involves the sale of Matco Foods' wholly owned subsidiary to IGI Investments.
- The management has been directed to submit its final recommendations, including the proposed terms and conditions, to the board for formal review and approval.
For context, the proposed transaction involves the sale of Matco Foods' wholly owned subsidiary to IGI Investments. It is itself a wholly owned subsidiary of IGI Holdings Limited. SE Fruits Withdraws PSX IPO.
Meanwhile, the management has been directed to submit its final recommendations, including the proposed terms and conditions, to the board for formal review and approval.
For context, the firm stated further disclosures would be created in accordance with applicable laws and regulations as the transaction progresses and material developments occur.
In practice, the firm processes and exports basmati and other rice varieties, rice glucose, rice protein, rice syrup and maltodextrin, Himalayan pink salt, spices and dessert mixes under its flagship Falak brand, alongside private-label food products sold in more than 60 countries. Its operations additionally include corn starch and animal nutrition products. Stay Connected with ProPakistani.
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In short, matco Foods in Talks to Sell Corn Subsidiary is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.
