Matco Foods Limited (MFL) has entered into an agreement with Barentz International (B.V) to establish a Joint Venture company in Pakistan.
In the notification to the Pakistan Stock Exchange, the company said,
The principal activities of the proposed JV company with be the import, sales and distribution of ingredients used in pharmaceutical, personal care, food and nutrition, and animal nutrition in the life science and food nutrition sector. These activities are in line with Matco Foods existing rice glucose and rice protein business.
“The investment in the joint venture company is subject to the approval of the CCP and to completion of requisite compliance requirements under applicable law,” it added.
Barentz International BV distributes ingredients for food and nutrition, animal nutrition, personal care, and pharmaceuticals industries in the Netherland and Asia. It is a Netherlands based privately owned group serving thousands of customers in 60 countries.
Matco Foods Limited engages in the operation of rice processing and milling plants in Pakistan. It exports rice, basmati rice, rice bran oil, rice and wheat flours, and sugar. The company also distributes biscuits, wafers, crackers, and baked chips in Pakistan.
After this news, MFL’s shares hit its upper cap limit of the day. They are now trading at Rs. 27.26, up by 5% or Rs. 1.29 with a turnover of 437,000 shares on Friday.