The Board of Directors (BoD) of The Organic Meat Company Limited (TOMCL), a Pakistani meat processor, approved an expansion plan for the production facilities and upgradation of the company.
TOMCL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“The BoD of TOMCL has given its approval to the management’s decision concerning the proposed expansion plan for the production facilities and upgradation of the company,” read the statement.
TOMCL shared that it has undertaken a substantial expansion of their existing meat chilling and freezing capacities through an enhanced investment outlay of Rs600 million.
“This revision in the proposed capital expenditure budget will increase the Capex (capital expenditure) outlay by an additional Rs150 million from the initially approved and reported budgetary estimates,” the company added.
TOMCL was of the view that this expansion will help the company to expand its business footprint concerning current and future boneless frozen and heat treated/cooked frozen beef export orders from international markets including United Arab Emirates (UAE), Kingdom of Saudia Arabia (KSA), Central Independent States (CIS), Iraq, and The Peoples Republic of China (China).
“TOMCL’s management is foreseeing significant growth prospects for its products in the above markets and the current expansion of its processing facilities is in line with these growth expectations,” added the statement.
It added that the management foresees a significant positive impact of the expansion plan on the company’s business.
TOMCL is engaged in the processing, sale and export of halal meat and allied products.
In August, TOMCL secured contracts worth $4 million to export frozen boneless beef to the UAE.
In April, the company secured contracts to export pet food to Canada and meat products to Uzbekistan.
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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