Saudi firm to buy stake in Organic Meat
KARACHI: The Organic Meat Company Ltd said on Wednesday that Saudi Agricultural and Livestock Investment Company — which is owned by the kingdom’s sovereign Public Investment Fund — has shown interest in buying up to 30 per cent shareholding in the Pakistani entity.
A regulatory filing showed the interested buyer has appointed PricewaterhouseCoopers, a consultancy firm, to conduct due diligence of the local company.
The proposed investment is currently in a discussion phase and no binding arrangements of any kind have been agreed with the Saudi entity, it added.
The share price of the company rose 7.48pc to Rs22.14 apiece on Wednesday. At the current market capitalisation, a 30pc stake is worth roughly Rs816 million.
The company posted a net profit of Rs411.4m for 2021-22, up 35.5pc from the preceding year.
Published in Dawn, October 6th, 2022