Karachi October 5 2022: The Organic Meat Company inform that the Saudi Agricultural and Livestock Investment Company (SALIC), a Saudi Joint Stock Company ‘owned by the Public Investment Fund, has conveyed an interest in acquiring up to 30% shareholding of the Company.
In this respect, SALIC has appointed PricewaterhouseCoopers (PWC) to conduct a due diligence of the Company. The proposed investment is currently in a discussion phase and no binding arrangements of any kind have been agreed with SALIC. The proposed investment will be subject to inter alio an agreement on the commercial terms and conditions and obtaining all applicable internal and external approvals.
The primary business activities of The Organic Meat Company Limited (“TOMCL”) are exporting fresh chilled meat, frozen meat and frozen offals to the Middle Eastern, Far Eastern CIS and South Asian markets.
At present TOMCL has the ability to export to over a dozen countries. Company products are carefully packaged in cloth, vacuum packed, IWP (individually wrapped packing) and commercialized branded packaging, then exported via land, sea and air. The meat slaughtering facility and the animal fattening farm are located in Gadap, Karachi and the offal processing, cooked and pet food processing are at Korangi, Karachi.
Following exports to US, company is now geared up for its first export of pet foods to Europe. Acceptance of this product line will pave the way for exports of a completely new line of high margin products to an untapped market. In addition, TOMCL’s export of ready-to-cook frozen meat to private brands continues to gain traction in gulf countries. Although in early stages, both these avenues represent secured forms of additional revenues and are part of the Company’s growth strategy. Exports are continuing to Saudi Arabia and this should put to rest rumors of bans on Pakistani meat.
