Matco Foods in Talks to Sell Corn Subsidiary

Matco Foods Limited, a company listed on the Pakistan Stock Exchange, is reportedly in discussions to sell its corn subsidiary to IGI Investments, a subsidiary of IGI Holdings Limited. This potential acquisition, disclosed on October 15, would see Matco Foods transfer its 100 percent stake in Matco Corn Products Private Limited to the prospective buyer.

The deal has not yet been finalized, but Matco Foods' board of directors has authorized its management to engage with IGI Investments to explore the transaction. The company has appointed Arif Habib Limited as its financial advisor for this proposed sale. Matco Foods, established in Karachi in 1990, processes and exports a range of food products including rice, spices, and Himalayan pink salt, with its products sold in more than 60 countries under the Falak brand.

The company's operations also include corn starch and animal nutrition products. Further details on the transaction will be released as the process advances and important developments arise.