The Board of Directors (BoD) of The Organic Meat Company Limited (TOMCL), a Pakistani meat processor, has greenlit an expansion plan for production facilities and company upgradation, as revealed in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
According to the statement, TOMCL is set to undergo a substantial expansion of its existing meat chilling and freezing capacities, involving an increased investment of Rs600 million.
The revised capital expenditure budget sees an additional Rs150 million from the initially approved estimates.
The company anticipates that this expansion will enable it to broaden its business presence for current and future boneless frozen, heat-treated, and cooked frozen beef export orders.
The targeted international markets include the United Arab Emirates, Saudi Arabia, Central Independent States (CIS), Iraq, and China.
TOMCL’s management envisions significant growth opportunities in these markets, aligning the current expansion with these expectations.
In the notice addressed to PSX, it is mentioned that the management foresees significant positive impact of the expansion plan of the Company’s business as well as generating favorable future value for its shareholders.
Engaged in the processing, sale, and export of halal meat and allied products, TOMCL has previously secured contracts to export frozen boneless beef to the UAE and, in April, contracts for pet food to Canada and meat products to Uzbekistan.
While the Middle East remains a major export market for TOMCL, the company’s portfolio expansion, including pet food raw materials, has facilitated entry into the US and European markets.
Additionally, TOMCL maintains a significant presence in the Far East, Commonwealth of Independent States, and South Asian markets.
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