The Organic Meat Company Ltd. (TOMCL), a Pakistani meat processor, revealed on Wednesday that a Saudi investment firm that specializes in agricultural commodities has indicated an interest in acquiring a 30% share in TOMCL.
In a filing made available to the Pakistan Stock Exchange, TOMCL stated: "We hereby inform you 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" (PSX).
The business disclosed that Saudi Agricultural and Livestock Investment Co. had chosen the audit company PricewaterhouseCoopers (PwC) to investigate TOMCL.
The Pakistani meat exporter stated that no legally binding agreements of any type have yet been reached with SALIC. And that the potential investment is still in the negotiation stage.
The statement said, "The proposed investment will be subject to, among other things, reaching an understanding of the commercial terms and conditions and obtaining all necessary internal and external approvals.
Moreover, in 2009, a royal decree formed SALIC as a Saudi joint-stock company owned by the Public Investment Fund.
Its theory states that in order to implement a food security plan by supplying agricultural goods and stabilizing their prices. All of its investment activities must take place inside and outside the Kingdom of Saudi Arabia.
According to information on its website, this is accomplished through creating subsidiary firms or through national, regional, and international collaborations.
ToMCL became the first Pakistani company to export pet food to Europe and the US. After receiving contracts totaling $1 million earlier in May. Furthermore, the company has received contracts worth millions of dollars to supply its goods to the Middle East.
According to TOMCL's financial documents, the company's sales increased by 28% over the same period the previous year to reach Rs3,449 million.
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