Tuesday, May 28, 2024

Wilmar unit to make further investment in Pakistan-listed Unity Foods

Wilmar Pakistan Holdings Pte. Ltd. (“WPH”, a wholly owned direct subsidiary of Wilmar International Limited), Unity Wilmar Agro (Private) Limited (“UWA”, a 52% subsidiary of WPH) and certain shareholders of Unity Foods Limited (“UFL”) have, through Arif Habib Limited (in its capacity as the manager to the public offer), made a public announcement to the Pakistan Stock Exchange Limited of their intention to acquire up to 277,070,908 shares of UFL in the public offer, at the price that complies with the pricing formula and other applicable Pakistan laws and regulations including the Securities Act 2015 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 (“PAI”).

UFL, a public company listed on the Pakistan Stock Exchange Limited, is principally involved in the manufacturing and processing of edible oils, industrial fats, flour and various feed ingredients for Pakistan’s poultry and livestock sectors.

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Wilmar International Limited (“WIL”), an esteemed Fortune 500 company, reaffirms its commitment to Pakistan's economy through its investment in Unity Foods Limited (UFL), demonstrating confidence in the resilience and potential of Pakistan's economic landscape. This collaboration not only strengthens bilateral business ties but also underscores Unity Foods Limited’s pivotal role in attracting foreign investment, fostering economic growth, and facilitating development in Pakistan.

Wilmar International Limited is the ultimate acquirer or the ultimate controlling shareholder of Wilmar Pakistan Holdings Pte. Ltd. WIL also ultimately controls Unity Wilmar Agro (Private) Limited (”UWA”), with an effective shareholding of 52% in UWA.

WlL, founded in 1991 and headquartered in Singapore, is today Asia’s leading agribusiness group. WIL is ranked amongst the largest listed companies by market capitalization on the Singapore Exchange. The business activities of WIL and its group companies ("Wilmar Group") include oil palm cultivation, oilseed crushing, edible oils refining, flour and rice milling, sugar milling and refining, manufacturing of consumer products, ready-to-eat meals, central kitchen products, specialty fats, oleochemicals, biodiesel and fertilizers as well as food park operations. Wilmar Group has over 1,000 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries and regions. Through scale, integration and the logistical advantages of its business model, Wilmar Group can extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies. Supported by a multinational workforce of about 100,000 people, Wilmar Group embraces sustainability in its global operations, supply chain and communities.

With this intended increase in shareholding, Wilmar Pakistan Holdings Pte. Ltd. and its partners look forward to contributing significantly to the growth and prosperity of Unity Foods Limited and the broader Pakistani economy.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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