KARACHI, June 15: Unilever Pakistan announced on Tuesday that the company board had decided to sell its edible oils business, subject to approval of its shareholders.

A notice issued by the company to the Karachi Stock Exchange said that the review process had been coordinated by the merchant bankers, Hong Kong Shanghai Banking Corporation.

The transaction would include the sale of Dalda brand and trademark by the parent company, Unilever Plc. "The sale does not include the Margarine business", the company clarified.

The intended purchaser was stated to be a group comprised of Westbury group of companies and their associates along with certain senior management employees of Unilever Pakistan. Unilever stated that the purchaser group had indicated their intention to conduct the edible oils business under the Dalda brand name through a separate company.

The intended purchaser was said to have expressed a strong commitment to develop the business and to become a significant player in the edible oils industry. "Unilever Pakistan is currently in the process of finalizing the transaction", the company said and added that the process was expected to be completed within the next few weeks.

In due course notices would be issued convening an extraordinary general meeting of the shareholders of the company for approving the sale. The company stated that the sale was driven by the need for Unilever Pakistan to focus on developing its core businesses that were key to its long-term future.

Internationally, Unilever had already divested from its edible oils business, as that was not central to the development of its future global strategy.

"Unilever Pakistan remains committed to focus on its core businesses in Pakistan, which are vital for its long-term future", the company concluded. According to market sources, the veteran stock broker, Bashir Janmohammad is the lead player in the purchaser, Westbury group of companies.