Matco Foods secures Rs750m financing deal with Bank Alfalah

MG News | February 28, 2025 at 03:56 PM GMT+05:00

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February 28, 2025 (MLN): Matco Foods Limited (PSX: MFL) has entered into a Rs750 million financing agreement with Bank Alfalah, one of Pakistan's premier financial institutions.

The funds will enable the expansion of production capacity from 200 tons per day (tpd) to 300 tpd grind, the company's filing on PSX revealed today.

This strategic partnership aims to enhance Matco Foods' com starch production capabilities to meet the growing demands of a diverse customer base.

The investment will be directed toward expanding Matco Foods' existing corn starch facility located in the Allama Iqbal Industrial City, Special Economic Zone (SEZ), Faisalabad.

This facility, operational since August 2022, has been pivotal in supplying high-quality corn starch to both domestic and international markets.

Additionally, a portion of the financing will be used to repay short-term loans.

As part of the agreement, Bank Alfalah will also have the option to convert its financing into ordinary shares equity in the new subsidiary of Matco that will house the Corn Starch Division, subject to regulatory approvals.

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