The subscription by Wilmar Pakistan was made in connection with a rights issue exercise undertaken by Unity Foods at the price of Rs10 per rights share at the ratio of 82.71 rights shares for every 100 shares held by the shareholders of Unity Foods (“UFL Rights Issue”). Earlier in July, Unity Wilmar Agro (UWA), an indirect 52%-owned subsidiary of Wilmar International, had increased its total shareholding in the Unity Foods to 163.2 million ordinary shares from 59.9 million ordinary shares, for cash consideration of Rs1.03 billion to increase its ownership in Unity Foods by 18.98 per cent to around 30 per cent. Accordingly, Wilmar’s resultant deemed shareholding interest in Unity Foods, held via UWA and WPH, is 233,320,877 ordinary shares representing approximately 23.47 per cent shareholding interest in Unity Foods. Unity Foods Limited entered the edible oil industry three years ago. In February 2019, Unity Foods had raised Rs3.75 billion from the equity markets to fund expansion.

Source: Pakistan Today September 26, 2020 18:48 UTC