KARACHI: Matco Foods limited, one of Pakistan’s largest Basmati rice exporter was formally listed on Tuesday on the Pakistan Stock Exchange (PSX), said Director of Finance, Faizan Ghori.
The Gong ceremony on the occasion of formal listing of Matco Foods limited was held at the PSX, with Chairman of Matco Foods limited Jawed Ghori ringing the historical Gong at the start of trading with CEO of PSX Richard Morin, and Deputy Managing Director of PSX Hang You, said a press release. This was the first IPO for the year 2018 in Pakistan and will add another company to 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 from this offering were Rs 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 Chairman of Matco Foods Jawed Ali Ghori said that 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.