AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Arif Habib Limited announced the closure of a public offer to acquire up to 277,070,908 ordinary shares of Unity Foods Limited, which represents about 23.20% of the company’s shareholding interest. The public announcement, initially made in conjunction with a corrigendum, was published in the Business Recorder and Nawa-e-Waqt on April 19 and April 27, 2024, respectively.
The offer, issued by Wilmar Pakistan Holdings Pte. Limited, Unity Wilmar Agro (Private) Limited, Mr. Muhammad Farrukh, and Ms. Fehmida Amin, collectively known as the Acquirer, aimed to gain joint control of Unity Foods Limited. According to information available from the Pakistan Stock Exchange (PSX), the acceptance period for this public offer concluded on June 24, 2024. The results regarding the shares tendered during this period will be disclosed following the scrutiny of the applications received.
This strategic move is part of a broader acquisition strategy by the Acquirer to increase their influence in the food industry sector, particularly in edible oils and related products, which are core business areas of Unity Foods Limited. Further details on the outcome of the offer will be provided by Arif Habib Limited once the review process is completed.