The Board of Directors of Matco Foods Limited (PSX: MFL) has approved the transfer of its immovable property in Gujranwala to Falak Foods Limited, a wholly-owned subsidiary of the company.
According to the stock filing issued today, the property spans 3.47 acres (27.76 kanals) and is located in Tehsil Kamoki, District Gujranwala. The transfer includes the land along with the building, plant, machinery, and equipment installed on the site.
The transaction will be carried out as a non-cash transfer. In consideration, Falak Foods Limited will issue new shares to Matco Foods at par value through an other-than-rights issue, leading to an increase in the issued and paid-up share capital of Falak Foods.
Following the transaction, Matco Foods will continue to hold 100 percent shareholding in Falak Foods Limited.
The principal acvity of MFL is to carry out the business of processing and export of rice, rice glucose, rice protein and pink salt, masala and kheer.
