AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Unity Foods Limited has announced the successful completion of key projects financed by its Right Issue launched in February 2019. The projects, essential to the company’s expansion, include the acquisition and additions to the Port Qasim Refinery. According to the latest progress report, these initiatives were funded as part of the PKR 3.75 billion raised through the issuance of 375 million shares.
The company, in compliance with the Companies (Further Issue of Shares) Regulations, 2020, reported detailed utilization of the funds. Notably, the acquisition of Port Qasim Refinery utilized PKR 850 million, fully completing this aspect of the project. Additionally, further enhancements to the refinery were carried out, consuming PKR 2 billion of the allocated funds.
However, the establishment of an Oil Terminal, budgeted at PKR 900 million, has not yet commenced, with the contractor expected to deliver within the next six months.
According to information available from the Pakistan Stock Exchange (PSX), Unity Foods adhered to all regulatory requirements, ensuring transparent and timely disclosures throughout the project’s duration. The company confirmed no deviations from the planned use of the proceeds, with a commitment to continue updating shareholders on future fund allocations and project milestones.