Unity Foods Stake Acquisition Completed by Consortium Led by Wilmar Pakistan Holdings

Karachi: Unity Foods Limited has successfully concluded a major stake acquisition, wherein Wilmar Pakistan Holdings Pte. Ltd., Unity Wilmar Agra (Private) Limited, Mr. Muhammad Farrukh, and Ms. Fehmida Amin have acquired 277,070,908 ordinary shares, representing approximately 23.20% of the company’s issued and paid-up capital. This significant transaction, completed under the management of Arif Habib Limited, grants joint control of Unity Foods to the consortium.

The sequence of regulatory and public disclosures leading to this acquisition underscores the complex compliance with the Securities Act of 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The initial Public Announcement of Intention was issued on March 20, 2024, through media releases in Business Recorder and Nawa-i-Waqt. Following the necessary procedures, a Public Announcement of Offer was made on April 17, 2024, with a detailed corrigendum and subsequent publications on April 19 and April 27, 2024, respectively.

According to information available from the Pakistan Stock Exchange (PSX), the acceptance period for the offer concluded on June 24, 2024, with all required formalities, including payment dispatch to the tendering shareholders, completed within the stipulated ten-day period post-closure.

This confirmation of the acquisition and compliance with all regulatory obligations was provided by Arif Habib Limited, indicating the successful fulfillment of the consortium’s commitments as outlined under the takeover regulations. The culmination of this acquisition marks a significant repositioning for Unity Foods Limited in the market, reflective of the confidence and strategic interests of the new joint controllers.