Food giant Wilmar hit by $150 million loss from Pakistan company: report

Wilmar International Ltd. has recorded a $150 million loss linked to its investment in Pakistan-based Unity Foods Ltd., citing financial uncertainties at the associate company, Bloomberg reported.

The Singapore-listed agribusiness disclosed in its full-year results that it had made a provision for losses related to an associated company in Pakistan. A spokesperson later confirmed that the company in question was Unity Foods, a listed Pakistani agribusiness involved in edible oils and rice.

In a statement to Bloomberg, Wilmar said it became aware in 2025 that Unity Foods was facing difficulties in servicing certain bank facilities. The company described the development as unexpected, noting that Unity’s latest published financial statements had indicated profitability and reported significant liquid assets.

Unity Foods did not respond to requests for comment.

Wilmar said it acquired its stake in Unity in 2020 and has not been involved in the company’s daily operations. It added that audited financial statements had previously reflected stable performance.

The Singapore-based firm said information later surfaced pointing to material uncertainties and inconsistencies in certain financial and working capital items at Unity.

Unity’s senior management has seen several changes in recent months. Founder and long-serving chief executive Farrukh Amin resigned in December, followed by the chief financial officer in January. In February, the newly appointed CEO and two independent directors also stepped down, leaving the board without the quorum required to function, according to exchange filings.

Wilmar said clarification requests to Unity did not yield complete or reconcilable information. The company has approached Pakistani regulators for guidance on appointing an administrator and initiating an independent investigation. It has also sought advice on whether trading in Unity’s shares should be suspended pending further review.

The loss adds to Wilmar’s broader challenges in Asia. In its earnings report, the company disclosed a $104 million loss related to ongoing litigation involving a Chinese subsidiary and set aside more than $782 million for compensation payments connected to operations in Indonesia. Wilmar has denied wrongdoing in those cases.

Unity Foods’ share price has fallen by more than half this year and was trading at its lowest level since 2020 on Monday.