MFL approves corporate restructuring, reorganization
MG News | May 26, 2025 at 09:56 AM GMT+05:00
May 26, 2025 (MLN): The Board of Directors of Matco Foods Limited (PSX: MFL) has approved the corporate restructuring and reorganization of the company.
This includes, among other matters, the demerger or carve-out of certain assets, liabilities, obligations, and undertakings related to its Corn Starch Division/Business.
These will be merged into the company’s wholly owned subsidiary, Matco Corn Products (Private) Limited (MCPPL) (the Proposed Arrangement), the company's filing on PSX revealed today.
This decision is in continuation of previous notices issued by MFL regarding the company's strategic vision to carve out its Corn Starch Division into a wholly owned subsidiary, and to explore and evaluate strategic options for raising growth capital for the same.
The Board has also approved the draft Scheme of Arrangement under Sections 279 to 283 and Section 285(5) of the Companies Act, 2017, to be entered into between the company and MCPPL, subject to finalization by the company’s representatives.
As consideration for the Proposed Arrangement, shares of MCPPL shall be issued in favor of the company.
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