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Matco Foods to Enter Corn-Starch Business
The Board of Directors of Matco Foods Limited has approved the business plan of corn-starch business in Allama Iqbal Industrial Estate Special Economic Zone (SEZ), Faisalabad.
According to the notification submitted to the stock exchange (PSX) by the company, the board took this decision in the board meeting held on Thursday, December 24, 2020. The meeting also decided on financing the new business through a mix of debt and equity.
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The estimated cost of the plant and machinery, with a capacity of 200 tons per day of corn grinding, including equipment, will cost Rs. 1 billion. The land required and procured for the business will be 20 acres, incurring a cost of Rs. 190 million. The civil works will cost Rs. 195 million.