December 27, 2023 (MLN): The Board of Directors of The Organic Meat Company Limited (PSX: TOMCL) has given its approval to the proposed expansion plan worth Rs600 million for the production facilities and upgradation of the company, TOMCL's notice to the local bourse showed today.
The company has undertaken a substantial expansion of its existing meat chilling and freezing capacities through an enhanced investment outlay of Rs600m.
This revision in the proposed capital expenditure budget will increase the Capex outlay by an additional Rs150m from the initially approved and reported budgetary estimates, the notice reads.
This significant expansion will help TOMCL to expand its business footprint with respect to current and future boneless frozen and heat treated/cooked frozen beef export orders from international markets including The United Arab Emirates (UAE), The Kingdom of Saudia Arabia (KSA), Central Independent States (CIS), Republic of Iraq, and The Peoples Republic of China (China), it said.
TOMCL's management is foreseeing significant growth prospects for its products in the above markets and the current expansion of its processing facilities is in line with these growth expectations.
The management foresees significant positive impact of the above disclosed expansion plan on the Company's business as well as generating favorable future value for its shareholders, it further added.
