Wilmar unit to make further investment in Pakistan-listed Unity Foods

A WHOLLY owned subsidiary of Wilmar International intends to increase its stake in Pakistan-listed Unity Foods through a public offer.

Wilmar Pakistan Holdings, its 52 per cent subsidiary Unity Wilmar Agro (UWA), and certain shareholders of Unity Foods intend to acquire up to 277.1 million shares, or 23.2 per cent, of Unity Foods in the offer, Wilmar said in a bourse filing on Tuesday (Mar 19).

The shares are to be acquired “at the price that complies with the pricing formula and other applicable Pakistan laws and regulations”, Wilmar said.

Considering its direct shareholding interest and indirect shareholding through UWA, Wilmar Pakistan currently has a total effective shareholding interest of 28.97 per cent in Unity Foods. (*See amendment note)

Unity Foods, which is listed on the Pakistan Stock Exchange, is principally involved in the manufacturing and processing of edible oils, industrial fats, flour and various feed ingredients for Pakistan’s poultry and livestock sectors.

As at Mar 19, Unity Foods has an issued and paid-up share capital of 11.9 billion rupees (S$57.4 million), comprising 1.2 billion ordinary shares with a par value of 10 rupees each.

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Shares of Wilmar closed flat at S$3.41 on Tuesday.

*Amendment note: The article has been edited to accurately state Wilmar Pakistan’s current shareholding in Unity Foods.