Matco Foods announced on Thursday that it would set up a corn starch manufacturing plant at an estimated cost of Rs1.38 billion at a Special Economic Zone (SEZ) in Punjab while availing a five-year tax holiday. “The board of directors in its meeting held on Thursday, December 24, 2020, approved the plan of corn starch business at the Allama Iqbal Industrial Estate SEZ, Faisalabad,” Company Secretary Danish Ahmed said in a notification sent to the Pakistan Stock Exchange (PSX). “Pakistani industries consume around 250,000 tons of corn starch per year,” Company Director Faizan Ali Ghori said while talking to The Express Tribune. “We plan to set up the plant in Faisalabad because corn is grown over a large area in Punjab and a majority of textile manufacturing units are located in Faisalabad,” another company official said. The board has authorised the chief executive and executive directors to secure and negotiate the purchase of plant site/ land in Faisalabad for corn starch and apply for and obtain all requisite approvals/ no-objection certificates (NOCs) in this regard.

Source: The Express Tribune December 25, 2020 02:59 UTC