Unity Foods Limited has formally announced on Thursday that a consortium comprising Wilmar Pakistan Holdings Pte. Ltd, Unity Wilmar Agro, Mr. Muhammad Farrukh, and Ms. Fehmida Amin, has expressed an intention to acquire a 23.20% shareholding interest in the company.
This share acquisition is set to give the group joint control of the company, beyond the threshold prescribed under section 111 of the Act, the company disclosed this development to the Pakistan Stock Exchange (PSX) through a notice.
This intention has been notified to the board of directors of the target company on March 18, 2024.
Earlier, a press release issued on March 19, said that Wilmar Pakistan Holdings Pte. Ltd, a subsidiary of Wilmar International Limited, Unity Wilmar Agro (Private) Limited, and certain shareholders of Unity Foods Limited, have announced their intention to acquire up to 277,070,908 shares of UFL.
Unity Foods Limited, listed on the Pakistan Stock Exchange, specializes in manufacturing edible oils, industrial fats, flour, and feed ingredients for the poultry and livestock sectors.
Wilmar International Limited, a Fortune 500 company founded in 1991 and headquartered in Singapore, is Asia’s leading agribusiness group.
