Unity Foods Limited has decided to proceed with the acquisition of 69% shares of Sunridge Foods, in order to expand and diversify its operations.
In an notification to the Pakistan Stock Exchange, the company announced that it will invest Rs. 366.5 million in 36.65 million shares of Sunridge Foods valued at Rs.10 per share, which collectively constitutes 69% of the company’s paid up capital. The source of funds will be internally generated.
The notification further read that Sunridge Foods has deployed the latest Swiss technology ‘PESA Mill’ that gives a consistent high quality 100% whole wheat flour, which is, to-date, the only PESA Mill in Pakistan producing PSQCA certified 100% whole wheat flour.
Sunridge Foods is capable of producing 36,000 metric tons of wheat flour a year.
Unity Foods, which is the producer of Dastak Oil, is engaged in processing Soft Oils such as Soybean, Canola, Sunflower, rapeseed oils & Palm oils. It is also engaged in providing special and industrial fats such as chocolate fats, Confectionery fat and bakery fats with Culinary and Functional Oil Fats.
It also specializes in providing some finest quality protein supplements to add to the vibrant poultry and livestock enriched feed
UNITY’s script at the bourse was closed at Rs 11.24, down by Rs 0.58 or 4.91%, with turnover of 6.74 million shares on Monday.