Matco Foods shifts Gujranwala plant to FFL

Matco Foods Limited (PSX: MFL) has approved the transfer of its immovable property measuring 3.47 acres (27.76 Kanals) in Tehsil Kamoki, District Gujranwala, along with the building, plant, machinery, and equipment, to its wholly-owned subsidiary, Falak Foods Limited (FFL).

The transaction will be executed as non-cash consideration, with FFL issuing new shares at par value to Matco Foods, resulting in an increase in FFL’s issued and paid-up share capital.

Matco Foods will continue to hold 100% shareholding of FFL, according to the company’s filing on PSX revealed today.