- Saudi Agricultural and Livestock Investment Company (SALIC) has appointed PricewaterhouseCoopers (PwC) to conduct due diligence of TOMCL
Pakistani meat processor The Organic Meat Company Ltd. (TOMCL) announced on Wednesday that a Saudi investment company, which invests in agricultural commodities, has expressed its intention to acquire a 30% stake in TOMCL.
“We hereby inform you that the Saudi Agricultural and Livestock Investment Company (SALIC), a Saudi Joint Stock Company owned by the Public Investment Fund, has conveyed an interest in acquiring up to 30% shareholding of the company,” said TOMCL in a filing released to the Pakistan Stock Exchange (PSX).
The company informed that SALIC has appointed PricewaterhouseCoopers (PwC), an audit firm, to conduct due diligence of TOMCL.
The Pakistan meat exporter shared that the proposed investment is currently in a discussion phase and no binding arrangements of any kind have been agreed upon with SALIC.
“The proposed investment will be subject to inter alia an agreement on the commercial terms and conditions and obtaining all applicable internal and external approvals,” it added.
SALIC was established by Royal Decree in 2009 as a Saudi joint-stock company owned by the Public Investment Fund.
“Its doctrine stipulates that all its investment activities should be both inside and outside the Kingdom of Saudi Arabia in order to achieve a food security strategy by providing food products and stabilizing their prices. This is done through establishing subsidiary companies or through national, regional, and international partnerships,” states information available on its website.
Earlier in May, TOMCL was awarded contracts worth $1 million to export pet food to Europe and the US, becoming the first Pakistani firm to export pet food to these regions. The company has been awarded multi-million dollar contracts for the supply of its products to the Middle East.
As per TOMCL’s financial statements for the period ended March 31, 2022, the company saw its sales grow by 28% over the same period last year to reach Rs3,449 million.