August 15, 2023 (MLN): The Organic Meat Company Limited (PSX: TOMCL) has successfully completed the share transfer and 100% acquisition of Mohammad Saeed Mohammad Hussain Limited (MSMH) as part of its IPO utilization of proceed commitment in the Karachi Export Processing Zone (KEPZA), the company's filing on PSX said on Tuesday.
KEPZA is a leading producer and exporter of natural sausage casings, animal offals, and by-products from Pakistan.
This acquisition is a strategic move to expand TOMCL's market share, diversify our product portfolio, and enhance operational efficiency and profitability.
As a result of this acquisition, MSMH has become a wholly-owned subsidiary of TOMCL. The acquisition was approved by the Competition Commission of Pakistan on June 12, 2023, and the same was announced at PSX on the same day.
The company is also in the process of forming a new Board of Directors and Management team for MSMH, which will comprise experienced and qualified professionals from both TOMCL and MSMH. The company will announce the details of the new Board and Management as soon as they are finalized.
Through this acquisition, TOMCL has met all its commitments under the IPO and is pleased to report the same to the shareholders of the company.
The company thanked its shareholders for their continued trust and support in the vision and mission. TOMCL is also looking forward to MSMH creating long-term value for all our stakeholders as a part of the TOMCL group.
