Unity Foods Limited Shares Acquisition Completed

Karachi, Unity Foods Limited’s share acquisition and joint control have been fully achieved by the group consisting of Willmar Pakistan Holdings Pte. Ltd., Unity Wilmar Agro (Private) Limited, Mr. Muhammad Farrukh, and Ms. Fehmida Amin, confirmed Arif Habib Limited (AHL). The consortium, referred to as the Acquirer, has successfully acquired up to 277,070,908 ordinary shares, representing approximately 23.20% of the issued and paid-up capital of Unity Foods Limited (“Target Company”).

The process began with the Public Announcement of Intention (PAI) on March 20, 2024, managed by AHL, as published in both English and Urdu in Business Recorder and Nawa-i-Waqt newspapers respectively. Following the regulatory guidelines under the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, a subsequent Public Announcement of Offer (PAO) was made on April 17, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the completion of this acquisition marks a significant development in the ownership structure of Unity Foods Limited. The Corrigendum to the Public Announcement of Offer, indicating adjustments to the initial offer, was published on April 25, 2024, with announcements appearing in the aforementioned newspapers on April 19 and April 27, 2024.

The acceptance period for shareholders to tender their shares concluded on June 24, 2024. Within the stipulated ten-day period following the closure of this acceptance window, as required by the Takeover Regulations, the Acquirer has completed all necessary obligations. This includes the dispatch of payment to shareholders who participated in the offer, thereby finalizing the transaction.

This confirmation from AHL assures that the obligations regarding the public offer have been fully met, concluding the transaction process for acquiring a significant stake and establishing joint control over Unity Foods Limited.