Wilmar International increases stake in Pakistan-listed Unity Foods to 42.2%

Shares in Wilmar closed 3 cents lower or 0.96% down at $3.10 on June 28.

Wilmar International, through its subsidiaries, Wilmar Pakistan Holdings and Unity Wilmar Agro, has increased its stake in Pakistan-listed Unity Foods to 42.17%.

Wilmar Pakistan Holdings is a wholly-owned subsidiary of Wilmar International F34 while Unity Wilmar Agro is 52% owned by Wilmar Pakistan Holdings. Unity Foods does the manufacturing and processing of edible oils, industrial fats, flour and various feed ingredients for Pakistan’s poultry and livestock sectors.

Wilmar Pakistan Holdings first announced its intention to acquire up to 277.1 million shares of Unity Foods in a public offer on March 19.

Following the conclusion of the offer, Wilmar Pakistan Holdings acquired 156.5 million shares for 4.28 Pakistani rupees or US$15.3 million ($20.7 million) while Unity Wilmar Agro acquired 2.0 million shares for 54.2 million Pakistani rupees or US$193,450.

Accordingly, Wilmar Pakistan Holdings’ direct interest in Unity Foods is raised to 34.84% while Unity Wilmar Agro’s stake in Unity Foods increased to 14.08%.

Shares in Wilmar closed 3 cents lower or 0.96% down at $3.10 on June 28.