Matco Foods Limited (MFL) declared on Tuesday that its board had approved MFL to invest additional funds into its wholly owned subsidiary, Falak Foods Limited (FFL), by subscribing to new shares issued through a rights issue at par value
The rice exporter shared in a notice to the Pakistan Stock Exmodify (PSX) today.
“The board has further authorised the company to sell its immovable property measuring 3.47 acres (27.76) kanals situated in Tehsil Kamoki, District Gujranwala, toreceiveher with the building, plant, machinery and equipment erected or installed thereon, to FFL against cash consideration,” the notice read.
The notice further declared that FFL shall pay the consideration for the transfer of the business unit after raising funds through a rights issue.
“The company shall continue to hold 100% shareholding of FFL.”
MFL was established as Matco Rice Processing Private Limited in 1964. The company was incorporated in Pakistan as a private limited company in 1990.
The company is principally engaged in the processing and export of rice, rice protein, rice glucose, pink salt, condiments and spices, dessert mixes, etc.
It is one of the largest rice exporters of the countest, with exports of its flagship brand “Falak” in over 65 countries across the globe.
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