IFC invests $5 million in Matco

International Finance Corporation (IFC) has invested $5 million in Matco Rice Processing (Private) Limited to acquire 20 percent share holding in the Pakistan's largest basmati rice exporting company. "With the IFC investment, the company would enhance its business with expanding processing and storage capacity in the country", Javed Ali Ghori, Managing Director Matco Rice said while talking to a group of media persons on Saturday.
"We are the first Pakistani rice exporting company where an international investment company has its investment", he said. He was expecting that following the IFC investment, the company's business would increase by over 30 percent. He pointed out that they are now considering for listing their company at the Karachi Stock Exchange", he said. Matco Rice is the top basmati exporter in Pakistan with its Rs 8 billion rice exports to 60 different countries across the globe every year.
"We export over 100,000 tons of rice every year", he said adding their basmati rice exports share is 50 percent of their total exports. "We export Pakistani rice to 60 different countries across the globe including Australia, Canada, USA, Middle East and other regions", he said.
Having its three processing plants and storage facilities at F.B. Industrial Area Karachi, Scheme 33 Karachi and Saduck district Gujranwala (Punjab), the company is being run with the total investment of over $1 billion. He said that the company has state-of-the-art, processing plants and packaging facility. "Our processing plants produce 100 containers finished rice every month, which is exported to different destinations", he added.
"We plan to expand our business and would purchase paddy directly from growers to increase our margins", he said. The company has successfully grown Japanese round rice at it farm at Gujranwala. "We will start production of Japanese round rice after all necessary approvals", he informed.
"Started in 1968, it was a family business with corporate succession policy". Reply a question, he opposed the idea to allow rice imports from India saying the decision would damage Pakistan's rice exports it would be difficult to achieve $2 billion rice export target this year. Actually, he said, Indian rice is cheaper than Pakistan and rice import from India would affect market price of Pakistani rice. He said Matco Rice has established its own brand with the name of "Falak Rice". "Our brand is registered in Pakistan, USA, Australia and many other countries", he said adding that company's brand is very popular in many countries across the world.