ISLAMABAD: A leading European agricultural production and food trading holding company of Italy has acquired 50 per cent shareholding in a Pakistani company engaged in paddy rice procurement and processing.

The acquisition deal, approved by the Competi­tion Commis­sion of Pak­istan on Thurs­day, will boost the country’s rice exports and foreign investment in Pakistan.

This acquisition, under a share purchase agreement, represents a major advancement in attracting foreign direct investment to Pakistan, as global agribusiness leaders recognise the country’s agricultural potential.

Euricom SPA is renowned for its expertise in farming, processing, and trading of rice products. By acquiring a stake in Fatima Euricom Rice Mills, a Pakistan-based company engaged in paddy rice procurement and processing, the company aims to tap into Pakistan’s rich agricultural potential.—Amin Ahmed