TOMCL seals Rs170mn MSMH acquisition

By MG News | May 17, 2023 at 09:42 AM GMT+05:00

0:00

May 17, 2023 (MLN): The Organic Meat Company Limited (PSX: TOMCL) has signed a Share Purchase Agreement with the shareholders of Mohammad Saeed Mohammad Hussain Limited (MSMH) for the acquisition by the company of 100% shareholding of MSMH for consideration of Rs170 million.

The proposed transaction will ensure the successful completion of all the company's IPO commitments.

MSMH is an existing offal processing company in the Karachi Export Processing Zone.

Recently, TOMCL become the first company to successfully secured the approval to export "Pet Chews" to Canada from Pakistan.

In addition to it, the company had also been allowed to supply "Meat and meat products / chilled and frozen" to Uzbekistan by the State Committee for Veterinary Medicine and Livestock Development of the Republic of Uzbekistan.

These developments shall have a positive impact on the company's business, as well as generate good value for its shareholders.

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