KARACHI: Wilmar Pakistan Holdings Pte Ltd (WPH), a wholly owned direct subsidiary of Wilmar International Ltd (WIL), Unity Wilmar Agro (Pvt) Ltd (UWA), a subsidiary of WPH and certain shareholders of Unity Foods Ltd (UFL) on Tuesday announced their intentions to acquire 277,070,908 shares of UFL.
The UFL informed the Pakistan Stock Exchange (PSX) that the offer was made through Arif Habib Ltd, the manager of the public offer, at a price that complies with the pricing formula and other applicable Pakistan laws and regulations including the Securities Act 2015 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 (PAI).
UFL 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.
WIL, an esteemed Fortune 500 company, reaffirms its commitment to Pakistan’s economy through its investment in UFL, demonstrating confidence in the resilience and potential of Pakistan’s economic landscape. WIL is the ultimate acquirer or the ultimate controlling shareholder of WPH. It also controls UWA with an effective shareholding interest of 52pc.
WlL, founded in 1991 and headquartered in Singapore, is Asia’s leading agribusiness group. The business activities of WIL and its group companies (Wilmar Group) include oil palm cultivation, oilseed crushing, edible oils refining, flour and rice milling, sugar milling and refining, manufacturing of consumer products, ready-to-eat meals, central kitchen products, specialty fats, oleochemicals, biodiesel and fertilizers as well as food park operations.
Through scale, integration and the logistical advantages of its business model, Wilmar Group can extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies.
Supported by a multinational workforce of about 100,000 people, Wilmar Group embraces sustainability in its global operations, supply chain and communities.
With this intended increase in shareholding, Wilmar Pakistan Holdings Pte. Ltd. and its partners look forward to contributing significantly to the growth and prosperity of Unity Foods Limited and the broader Pakistani economy.
Published in Dawn, March 20th, 2024
