KARACHI- The Company which has transformed the trade of meat and is the largest meat exporter of Pakistan, Al Shaheer Corporation Limited, has made another great move by deciding to expand and go public.
The corporation which has experienced a remarkable growth in its business during the last few years, the parent company of the most expensive retail chain of butcheries, has taken the decision to get listed on the Karachi Stock Exchange (KSE).
This is going to be the first Initial Public Offering (IPO) by a local foods company in five years since the listing of Engro Foods in 2011.
The book building is to be held on June 10th and June 11th, where 25 million shares are offered at a floor price of Rs.43 per share. The Karachi based company will utilize this additional capital of over Rs.1 Billion (comprised of floor price) in expanding the business across the country. Not only this, but also the company is going for the First Mover Advantage (FMA) in the country.
The company is planning to establish slaughterhouses and processing units for both red and white meat near Lahore and also expand into poultry segment which is twice as big as the red meat market.
The Chief Executive Officer (CEO) of the company, Kamran Ahmed Khalil commented, “Even if 10 new players enter the retail meat market, they will not be able to meet the current demand.”
The growing demand for hygienically processed quality meat has driven Meat One’s business and has required it to enter other cities as well.
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