IPO prepared for the largest Pakistani meat exporter
The Organic Meat Company Limited, one of the largest meat producers and exporters from Pakistan is preparing an IPO in which 35.7% stakes in the business will be sold to the general public.
The company hopes to capitalize on $4,3 million through this public offering, as it eyes expansion of its facilities for export, informs Samaa newspaper. Also, 75% of the shares launched in the market will be destined to institutional investors and high net worth individuals.
This portion of the offering is called book building and its registration will start on June 30 and close on July 7. The remaining 25% or 10 million shares will be offered to the general public from July 14 to July 16 on a price that will be determined during the book-building process.
The company will use the new investment raised from the IPO to set up an offal processing facility at Korangi. It will also set up an offal production facility at the Karachi Export Processing Zone for processing of imported offal and re-export to China and Vietnam.
The company says it will use the new investment to enhance the output of its current product range. TOMCL exports are including fresh chilled beef and mutton, frozen deboned beef and mutton, fresh and frozen vacuum-packaged beef and mutton and white offal, which are shipped to 14 different destinations.
It is the only Pakistani meat producer to deal with white offal products and also the only one in the country that managed to open most of the Middle East markets for its products.
A large decline in beef exports in July has been reported by Meat And Livestock Australia (MLA). ...