KARACHI: One of Pakistan’s largest rice exporter Matco Foods will be listing itself on the Pakistan Stock Exchange (PSX) in September this year. This move has been taken amidst the need of raising funds for a new plant in Karachi.
Matco is known for exporting basmati rice to over 65 countries across the globe. Its basmati rice brand of Falak is considered the best selling brand from Pakistan. It is known to process around 100,000 tons of Basmati annually. The proposed plant for which Matco foods is seeking a listing on the stock exchange is expected to start running within this month and has taken an initial investment of Rs 350m. It is expected to produce 10,000 tons of rice protein and rice glucose annually. The company plans to expand further by building a similar plant in Port Qasim, for which funds will be generated via the initial public offering (IPO) on the stock exchange in September.
Matco exports 80pc of its produce and sells 20pc domestically. But the company is planning to prop up its share of domestic sales up to 50pc in the next 5 to 6 years. The company is also growing organic rice in Punjab and lands in Sindh are already under the process of conversion which takes 3 years to complete for organic plantation.
