March 11, 2022 (MLN): The Organic Meat Company Limited (TOMCL) is still in process of procuring suitable land in the Export Processing Zone (EPZ) to construct the offal processing plant, the company said in a half-yearly progress report today.
The company had raised Rs720 million through the IPO in July 2020 by issuing 40mn ordinary shares to finance its expansions, at estimated costs:
• Facility for local Offal at Korangi Industrial Areas – Rs67.20 million
• Facility in Export Processing Zone (EPZ), Karachi – Rs104.45 million
• Utilization in Working Capital – Rs448.35 million
With regards to the local offal facility, the report stated that as of February 2022, the offal processing facility is fully operational, and the management has fulfilled its commitments as mentioned in the prospectus in respect of the Korangi Offal Processing Facility.
As of December 31, 2021, the funds allocated for the working capital have been fully utilized, and have been rolled over multiple times in the working capital cycle. The ratio of fund utilization within the different product categories has been adjusted as per the demand pattern of different products over the period, since the IPO date.
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