MATCO Foods, the largest rice exporter in Pakistan has announced that it will be expanding its facilities by investing PKR 1,385 million in Corn-Starch facility in the new setup at Allama Iqbal Industrial Estate Special Economic Zone in Faisalabad. The announcement was made at Pakistan Stock Exchange through a circular.
Roughly PKR 1,000 million will be invested in procurement of machinery, while PKR 190 million and PKR 195 million be invested to procure Land and civil works for the facility.
Company is expected to avail concessionary Loans from Banks in the form of Temporary Economic Refinance Facility (TERF) for import of machinery.
MATCO Foods had previously expanded into rice glucose syrup and protein plant back in 2019 taking its capacity to 30,000 tons rice glucose and 3,000 tons rice protein per annum.
MATCO Foods hold 10 percent share in the total rice exports from Pakistan. Matco Foods Ltd is eyeing growth in volumes; with plans to vertically integrate themselves in other product markets ie rice, maltose, and in FMCG line.
The company also manufactures rice bran powder, rice glucose, rice bran oil, rice protein, jasmine rice, pink salt, iodized salt, vermicelli and other snack foods, such as biscuits, wafers and baked chips.
The company is expected to start work on the project in 2021 and expects commercial operations to start in the middle of 2022. Starch usage is significant in Textile sector. And with Textile Sector booming, Starch demand is expected to rise going onward.
Latest posts by News Desk (see all)
- 94 Million People in Pakistan below Poverty Line - September 25, 2023
- WB concerned about Pak’s Low Tax-to-GDP Ratio of 10.4 percent - September 25, 2023
- Nimir Resins Ltd post PKR 367mn Profit in FY2023 - September 25, 2023
