The Organic Meat Company Limited (PSX: TOMCL) has signed a Share Purchase Agreement (SPA) for the acquisition of 100 percent shareholding of Mohammad Saeed Mohammad Hussain Limited (MSMH), the company informed the Pakistan Stock Exchange on Wednesday.
In a stock filing, TOMCL said it has penned a SPA with the shareholders of MSMH, an existing offals processing company in the Karachi Export Processing Zone (KEPZ), for the acquisition by the Company of 100 percent shareholding of MSMH for a consideration of Rs. 170,000,000.
The proposed transaction will ensure the successful completion of all the Company’s IPO commitments, the filing stated.
TOMCL recently became the first company in Pakistan to be granted permission to export pet feed to Canada. In addition, the State Committee for Veterinary Medicine and Livestock Development of the Republic of Uzbekistan granted the company permission to supply “Meat and meat products / chilled and frozen” to Uzbekistan.
MSMH is one of the biggest exporters of offals and sheep casings from Pakistan. The company exports through its agricultural production facility at KEPZ. It exports offal produce to the Far East and sheep casings to Europe.
Source: Pro Pakistani