AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Wilmar Pakistan Holdings Pte. Ltd., in collaboration with Unity Wilmar Agro (Private) Limited, Mr. Muhammad Farrukh, and Ms. Fehmida Amin, successfully completed a public offer to acquire a 23.20% stake in Unity Foods Limited. The acquisition involves 277,070,908 ordinary shares at a price of PKR 27.34 per share, with the acceptance period closing on June 24, 2024.
The public offer was managed by Arif Habib Limited, which confirmed the completion of the acquisition in compliance with the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The initial Public Announcement of Intention (PAI) was submitted to the Securities and Exchange Commission of Pakistan (SECP), the Pakistan Stock Exchange (PSX), and Unity Foods Limited on March 19, 2024, with the PAI being published in Business Recorder and Nawa-i-Waqt on March 20, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the shares of Unity Foods Limited were frequently traded, with an average daily traded volume (ADTV) of 6,844,397 shares, exceeding the regulatory threshold of 100,000 shares. The offer price was determined based on the highest price among the weighted averages of different periods, ultimately set at PKR 27.34 per share.
To facilitate the public offer, a CDS Account was opened under the title “Manager to the Offer (Unity Foods Limited).” Wilmar Pakistan Holdings provided security for the offer in the form of bank guarantees totaling PKR 7,575,118,625 from Standard Chartered Bank (Pakistan) Limited.
The acceptance period, which started on June 14, 2024, saw participation from 47 shareholders, tendering a total of 198,120,440 ordinary shares. All tendered shares were accepted, and proceeds were dispatched to shareholders by June 28, 2024. The completion of the offer and the fulfillment of all regulatory obligations were certified by Arif Habib Limited.
The process included various regulatory and procedural steps such as the book closure period from June 2 to June 8, 2024, the submission of the offer letter to SECP, PSX, and Unity Foods Limited, and the publication of advertisements in leading newspapers to inform shareholders.
The acquisition marks a significant step for Wilmar Pakistan Holdings and its partners in consolidating their control over Unity Foods Limited, reinforcing their commitment to enhancing the regulatory and enforcement regime in Pakistan’s capital markets.