Matco Foods Limited (MFL), one of the largest rice exporters in the country, has started operations of a plant in Karachi that produces dextrose monohydrate - a form of corn sugar used in the food and beverage industry as a sweetener, thickener, and bulking agent.

The company shared the development in a filing to the Pakistan Stock Exchange (PSX) on Monday.

“Matco Foods Limited (MFL) is pleased to announce the successful commissioning and commercial operations of its new 4,000 MT (metric tons) per year Dextrose Monohydrate plant,” read the notice.

The plant is located on company-owned land at Super Highway Industrial Area, Karachi, it said.

Dextrose Monohydrate is the monohydrate form of D-glucose, a natural monosaccharide and carbohydrate.

“The plant underwent extensive testing and thorough inspection before commissioning; therefore, the Commercial Operations Date (COD) is marked as December 4, 2023,” it said.

The company shared that its plant has been completed in 14 months following the groundbreaking in 2022.

“The project has created new jobs directly and indirectly, provided economic opportunities for the country, and will earn vital foreign exchange through exports as well,” it said.

MFL said it remains a dedicated partner of Pakistan’s industrial vision and is among the top 100 exporters from the country. “We are committed to diversifying the industrial base and providing value addition for our stakeholders and Pakistan’s economy,” MFL said.

Established as Matco Rice Processing Private Limited in 1964, MFL is principally engaged in the processing and export of rice, rice protein, rice glucose, pink salt, condiments and spices, dessert mixes etc.

It is one of the largest rice exporters of the country. Products of its flagship brand “Falak” are exported to over 65 countries across the globe.

In 1967, it set up its first processing plant in Larkana, Sindh. Presently, Matco Foods has five processing plants where it processes and exports rice, rice glucose, rice protein.