Pakistani meat processor The Organic Meat Company Limited (TOMCL) has signed a Share Purchase Agreement (SPA) for the acquisition of 100% shareholding of Mohammad Saeed Mohammad Hussain Limited (MSMH).
TOMCL shared the development in its notice to the Pakistan Stock Exchange on Wednesday.
“TOMCL has signed a SPA with the shareholders of MSMH, an existing offals processing company in the Karachi Export Processing Zone, for the acquisition by the company of 100% shareholding of MSMH for a consideration of Rs170 million,” read the notice.
TOMCL shared that the proposed transaction will ensure the successful completion of all its Initial Public Offering (IPO) commitments.
TOMCL is engaged in the processing, sale and export of halal meat and allied products.
Last month, the company secured contracts to export pet food to Canada and meat products to Uzbekistan.
Last year, it secured contracts worth $1 million to export pet food to Europe and the US, becoming “the first company from Pakistan to successfully export pet food to Europe, and is also the pioneer to export the same to USA market earlier,” the company had said back then.
Middle Eastern countries are TOMCLs’ major export market. However, the company has added pet food raw material to its portfolio which enabled it to tap the US and Europe as well. The company also has significant business in Far East, Commonwealth of Independent States and South Asian markets.
It also claims to be the first Pakistani company to initiate the export of vacuum-packed fresh beef meat and the only company in the region owning the technology to vacuum pack or blast freeze mutton and quarter beef carcasses.
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