Pakistan Stock Exchange (PSX) held a gong ceremony to mark the listing of Big Bird Foods Limited (BBFL). Big Bird Foods was established in September 2011 as a poultry processing unit to provide quality chicken products in national and international markets.
Present at the gong ceremony were Dr. Mohammad Mustafa Kamal, CEO, Big Bird Foods Limited; Mr. Mahmood Ali Shah Bukhari, CEO KTrade Securities Limited; Mr. Omar Salah Ahmed, MD Corporate Finance, KTrade Securities Limited and Mr. Danish Elahi, CEO Elahi Group of Companies and Shareholder of Big Bird Foods Limited. KTrade Securities were the exclusive financial advisory and arranger for this listing. The guests were welcomed by the MD & CEO PSX, Mr. Farrukh H. Khan and senior management of PSX.
Big Bird Foods Limited has been listed on the Exchange as a result of merger/ amalgamation of an existing listed company i.e. MetaTech Trading Limited (META) with and into Big Bird Foods Limited sanctioned by the Lahore High Court vide Order dated June 26, 2024. As per the swap ratio in the scheme of arrangement for the said merger/ amalgamation, the shareholders of META have been allotted 0.24 share of BBFL against 1 share of META. Subsequent to sanctioning of the scheme by the Lahore High Court, META has been delisted from PSX and BBFL has been listed with effect from August 5, 2024.
Speaking at the gong ceremony, Mr. Farrukh Khan, MD & CEO PSX, stated, “We welcome Big Bird Foods Limited to Pakistan Stock Exchange. It is indeed a valuable addition to the Food & Personal Care Products sector of the Main Board of the Exchange”.
Mr. Khan added, “We at PSX encourage and suport new companies to list on PSX specially through IPOs. For IPOs, we have reduced the time period of listing to 29 working days. Moreover, we have digitised the listing process through PRIDE, with the possibility of having a parallel review of companies by SECP & PSX through PRIDE for such listings. Given this convenience and the strong market performance, I would urge unlisted companies to take advantage of this opportunity whereby, through listing, they will not only raise capital for growth and pay down expensive debt but will also gain the additional benefit of enhancing their corporate governance structure, operational & financial performance as well as outlining their succession planning”.
Speaking at the occasion, Dr. M. Mustafa Kamal, CEO Big Bird Foods Limited, stated, “It is an honor and privilege to get listed at Pakistan Stock Exchange. Being one of the largest poultry sector players in Pakistan, we felt a responsibility towards corporatising a sector which is not present at PSX – becoming the first company from the poultry sector to get listed. Since inception, the company’s management has strived to be known for its innovative and quality products. Big Bird is already a well established name for the B2B clients including Sarena Hotels, Marriot KFC, Youngs, McDonald’s, Cheesiouz, and many others. Now, we look forward to being a part of this elite club of listed companies and entering into the B2C and export markets for Pakistan. Once again, I would like to thank SECP, PSX, KTrade for their support and guidance”.
Giving his remarks, Mr. Mahmood Ali Shah Bukhari, CEO, KTrade Securities Limited, stated, “We are very pleased with having Big Bird listed on Pakistan Stock Exchange. The Company has a great growth story, and this listing also paves the way for others in the sector to follow their path and utilise the benefits of being a listed company and diversifying their investor base”.
Mr. Omar Salah Ahmed, MD Corporate Finance, KTrade Securities Limited, added, “We are thrilled to be associated with the successful listing of Big Bird Foods on Pakistan Stock Exchange. As one of the leading players in Pakistan’s poultry sector, the Company is a turn around story and continues to demonstrate remarkable growth. This milestone not only underscores our commitment to excellence but also sets a precedent for other segments in the sector to leverage the advantages of being a publicly listed company, expanding their investor base, and driving sustainable growth.
We at KTrade look forward to working with BBFL management and sponsors to accelerate their growth and also attain future targets and open new markets”.
