Agro Processors & Atmospheric Gases Limited, the company behind the Soya Supreme cooking oil brand, plans to launch an initial public offering (IPO) this month to raise up to Rs. 2.6 billion, reported Bloomberg.
Chief Executive Officer Ahmad Aziz Ghulamhussain said the Karachi-based company will use around 40 percent of the proceeds to increase its edible oil refining capacity by one-third to 120,000 tonnes per year.
The remaining funds will be invested in a new storage facility and renewable energy projects, including biomass and solar power.
Known primarily for its Soya Supreme cooking oil brand, the company is also expanding into the broader fast-moving consumer goods (FMCG) market with products such as mayonnaise, ketchup, and chili sauce as it seeks to diversify beyond edible oils.
The IPO will be managed by KTrade Securities, which is serving as the lead manager for the offering.
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