Euricom forms Pakistan rice venture [Yahoo! Finance]
MITSUI & CO LTD ADR (MITSY)
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Source: Yahoo! Finance
The company has formed Fatima Euricom with local business Fatima Rice Mills. Financial terms were not disclosed. The Fatima Euricom venture will own the “most modern basmati rice mill in Pakistan”, a statement supplied by Euricom UK MD Paul Lee read. Just Food approached Lee for further comment ahead of publication. Around 80% of Europe's imports of basmati rice come from Pakistan, Euricom said. The company added the venture would benefit from Euricom's “leadership in rice” to access international markets. In the statement, Bruno Sempio, Euricom's chairman, said: “This partnership will help us enhance our control over the basmati supply chain and achieve a higher level of vertical integration, and as a result more effectively secure our raw material supply and implement sustainable and ethical practices. This is becoming increasingly important to both us and our customers.” The deal, cleared by the Competition Commission of Pakistan, is expected to be finalised by the end o
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