Wilmar raises stake in Pakistan’s Unity Foods to 42.17%

Wilmar acquired new shares through its subsidiaries Wilmar Pakistan Holdings and Unity Wilmar Agro.

Wilmar International has raised its stake in Unity Foods Limited (UFL), a Pakistan-based manufacturer of edible oils and industrial fats, to 42.17% or 503.4 million shares.

The stake was increased through Wilmar’s wholly owned subsidiary Wilmar Pakistan Holdings (WPH) and Unity Wilmar Agro (UWA), which is 52% owned by WPH.

On 19 March, Wilmar expressed its interest in acquiring 277 million shares of UFL, which concluded with Wilmar buying 156.5 million shares via WPH and 1,981,204 shares via UWA, for $20.7m (US$15.3m) and $262.1m (US$193.4m), respectively.

Consequently, the share acquisition has increased WPH’s stake in UFL to 34.84% or 416 million shares and UWA’s to 14.08% or 168 million shares.

Currently, UFL's issued and paid-up share capital totals $58m (PKR11.94b) divided into 1.194 billion ordinary shares valued at $0.049 (PKR10) each.