Karachi: The Pakistan Stock Exchange (PSX) commemorated the official listing of Big Bird Foods Limited (BBFL) with a ceremonial gong event, marking a significant entry of the poultry company into the public market. This listing follows the merger and amalgamation of BBFL with the previously listed MetaTech Trading Limited, a move sanctioned by the Lahore High Court in June.
According to Pakistan Stock Exchange Limited, the event was attended by notable figures including Dr. Mohammad Mustafa Kamal, CEO of Big Bird Foods; Mr. Mahmood Ali Shah Bukhari and Mr. Omar Salah Ahmed of KTrade Securities, which served as the financial advisors for the listing; and Mr. Danish Elahi from Elahi Group of Companies, a shareholder in BBFL. The PSX Managing Director and CEO, Mr. Farrukh H. Khan, and other senior management members also participated, welcoming the new listing as a valuable addition to the Food & Personal Care Products sector of the Main Board.
The integration of MetaTech Trading Limited into Big Bird Foods was completed under a scheme where META shareholders received 0.24 BBFL shares for each META share. Following the Lahore High Court’s approval, META was delisted and BBFL commenced trading on August 5, 2024.
During the ceremony, Mr. Khan highlighted PSX’s commitment to reducing barriers for IPOs, including shortening the listing time to 29 working days and digitizing the process through a platform named PRIDE, which allows parallel reviews by the Securities and Exchange Commission of Pakistan and PSX. He emphasized the benefits of listing, such as enhanced corporate governance and operational efficiencies.
Dr. Kamal expressed pride in BBFL’s listing, noting its significance as the first company from Pakistan’s poultry sector on the PSX. He acknowledged the company’s ambition to expand into direct consumer markets and exports, building on its strong foundation in business-to-business sales with major clients like Sarena Hotels and fast-food chains.
Mr. Bukhari and Mr. Ahmed from KTrade Securities remarked on the positive growth trajectory of Big Bird Foods and the broader implications for the poultry sector, encouraging other companies to consider the benefits of public listing for growth and diversification.