CCP approves share acquisition in Pakistani food firm

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted an approval for the share acquisition in a Pakistani food company by four entities, including a Singapore-based investment holding company.

The approved transaction involves the acquisition of a 23.20% shareholding in M/s. Unity Foods Limited by the four entities. One of the acquirers is M/s. Wilmar Pakistan Holdings Pte. Limited, a wholly owned subsidiary of M/s. Wilmar International Limited is a Fortune 500 company incorporated in Singapore.

The other three acquirers comprise M/s. Unity Wilmar Agro (Private) Limited, a private limited company incorporated in Pakistan and engaged in the edible oils business, along with two individual Pakistani investors who are also existing shareholders of the target company.

The CCP's merger analysis revealed that the proposed transaction will not result in the dominance of the acquirers in the relevant market post-transaction, hence the merger has been authorized.

This approval underscores the confidence of international investors in Pakistan's economy and its potential for growth. Wilmar International's investment in Unity Foods reaffirms its commitment to Pakistan's economy, showcasing confidence in the resilience and potential of the country's economic landscape.

It is anticipated that this merger approval will enhance consumer choice and foster innovation in the food business sector, ultimately benefiting Pakistani consumers.