Matco Foods Limited (PSX: MFL) has commenced operations of its new 4,000 MT per year Dextrose Monohydrate Plant, the company informed the Pakistan Stock Exchange on Monday.
The new plant is located at G-2/05, S.I.T.E-11, Super Highway Industrial Area, Karachi, a Company owned land. The plant underwent extensive testing and thorough inspection before commissioning, therefore, the Commercial Operations Date (COD) is marked as December 4, 2023.
The filing said, “Our Dextrose Monohydrate Plant has been completed in 14 months since the groundbreaking in 2022 with the dedication of all stakeholders and we thank our shareholders, staff, equipment suppliers & technology partners, financial institutions, and government bodies for achieving this milestone”.
“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 is a dedicated partner of Pakistan’s industrial vision and is among the Top 100 Exporters from the Country, the filing added.
The principal activity of the Company is to carry out the business of processing and export of rice, rice glucose, rice protein, pink salt, masala, and kheer.
Well done Matco. More people need to invest in industry of Pakistan. More people should rely on local products and services. Import led economy has to be transformed into an export led economy that can also take care of local consumption.