Matco Foods Limited (PSX: MFL) has received a non-binding offer from IGI Investments (Private) Limited to acquire its entire stake in Matco Corn Products (Private) Limited, according to a disclosure filed with the Pakistan Stock Exchange on October 15.
IGI Investments is a wholly owned subsidiary of IGI Holdings Limited. The proposed deal would involve the sale of Matco Corn Products, which is fully owned by Matco Foods.
Matco Foods’ board of directors reviewed the offer on October 15 and authorized management to begin discussions and negotiations with the potential buyer.
Management will submit its final recommendations, including the proposed terms and conditions, to the board for review and approval.
The company has appointed Arif Habib Limited as its adviser for the proposed sale. Matco Foods said it would make further disclosures as required under applicable laws and regulations when material developments occur.
Matco Foods was incorporated in Karachi on April 14, 1990, and listed on the Pakistan Stock Exchange in February 2018.
The company processes and exports basmati and other rice varieties, rice glucose, rice protein, rice syrup, maltodextrin, Himalayan pink salt, spices and dessert mixes under its flagship Falak brand. Its products are sold in more than 60 countries, alongside private-label food products.
The company also produces corn starch and animal nutrition products.
