Matco Foods Completes Listing On PSX
Sumaira FH Published February 13, 2018 | 11:51 PM
“Matco Foods Limited, one of Pakistan’s largest Basmati rice exporter was formally listed on today on the Pakistan Stock Exchange (PSX)”, said Mr Faizan Ghori (CFA), Director of Finance.
KARACHI, (UrduPoint / Pakistan Point News - 13th Feb, 2018) : “Matco Foods Limited, one of Pakistan’s largest Basmati rice exporter was formally listed on today on the pakistan stock exchange (PSX)”, said Mr Faizan Ghori (CFA), Director of Finance. The Gong Ceremony on the occasion of formal listing of Matco Foods Limited was held today at the PSX, with Mr Jawed Ghori Chairman of Matco Foods Limited ringing the historical Gong at the start of trading with Mr.
Richard Morin, CEO of psx and Mr. Hang You, Deputy Managing Director of PSX. This was the first IPO for the year 2018 in Pakistan and will add another company in the food Sector on the PSX board.
Matco completed the book building and public portion of the IPO in the end of January with a total issue of 29,143,000 million ordinary shares, at a strike price of PKR 26 per share. The gross proceeds to Matco Foods Limited from this offering were PKR 757 million before deducting underwriting discounts, commissions and offering expenses. Matco Foods Limited intends to use the net proceeds from this public offering for the expansion of its existing Rice Glucose and Protein Plant from 10,000 MT of glucose and 1,000 MT of protein production capacity per annum to 30,000 MT of glucose and 3,000 MT of protein respectively.
Speaking on the occasion Jawed Ali Ghori, Chairman of Matco Foods said “Listing on the PSX is an important milestone in the history of our Company and a matter of great pride for all the stakeholders of Matco.
We are grateful for the support of the investing community, our advisers, and especially the PSX and SECP which are playing a highly commendable role in developing our country’s equity capital markets.” Matco Foods’ brand “Falak” Basmati rice is available in all major cities of Pakistan and exported to over 40 countries around the world.
“We will continue to invest and grow our brand domestically and abroad,” said Khalid Ghori, CEO of Matco Foods, “in addition to expansion of our Rice Glucose and Rice Protein division.” MCB Bank acted as book-running managers for the offering, and Arif Habib Limited acted as the consultant to the issue.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
1 hour ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
1 hour ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
2 hours ago -
European stocks lose momentum after global rally
2 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
3 hours ago -
CEO KP-EZDMC meets CRBC officials
3 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
4 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
4 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
4 hours ago -
Revised UAF budget recommended
4 hours ago -
IDEA, TEVTA organizes Job Fair for youth
4 hours ago -
Massive financial, administrative scam unearthed at SCCI
5 hours ago