Meat exporter Al Shaheer Corporation attracts bid for controlling stake

Muhammad Farrukh, CEO of Unity Packages and Unity Feeds (Pvt) Limited, has announced his intention to acquire a majority stake and control of Al Shaheer Corporation Limited (ASC), a major meat exporter in Pakistan, engaged in the trade of various halal meat products, including mutton, beef, chicken, and fish.

The development was disclosed in a public announcement filed with the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) on Tuesday.

The proposed transaction, managed by AKD Securities Limited, remains subject to regulatory approvals, including clearance under the SECP’s fit and proper criteria.

Under the proposed acquisition, Farrukh intends to purchase 200.60 million ordinary shares, representing a 53.5% stake in Al Shaheer through a Share Purchase Agreement. In addition, he plans to make a mandatory public offer to acquire another 64.69 million shares, equivalent to 17.25% of the company’s issued share capital.

Al Shaheer Corporation Limited (ASC) was initially established as a partnership concern in 2008, setting up an abattoir in Gadap Town, Karachi. It was formally set up as a company in 2012 under the repealed Companies Ordinance, 1984, and subsequently went public in 2015.

In September 2022, ASC became the first local company to sign a business relationship agreement with McDonald’s Pakistan for the supply of beef products, sourced from its Lahore frozen food facility. The company has also entered into agreements with Hardees for the supply of burger patties.

According to the filing, Farrukh has over 22 years of experience in Pakistan’s edible commodity sector, covering the processing and trading of rice, wheat, flour, spices, salt and other staple products. He also has interests in several private companies, including Unity Packages (Pvt) Limited, Unity Feeds (Pvt) Limited and Kairos Resources (Pvt) Limited.

The filing shows that Farrukh currently owns 5.5 million shares, or 1.47% of Al Shaheer, while persons acting in concert with him—Fehmida Amin and Sualeha Farrukh—hold 10.51% and 0.01%, respectively.

As per the notice, the completion of the proposed acquisition will be subject to finalisation of transaction terms, execution of definitive agreements, and receipt of all required regulatory and corporate approvals.