Wilmar acquires 6 percent effective stake in Pakistan’s Unity Foods

Palm oil plantation in Sumatra, IndonesiaPalm oil plantation in Sumatra, Indonesia

Wilmar has acquired a 5.73 percent economic interest in Pakistan-listed Unity Foods, the agri-business company said in an SGX filing Friday.

Under the deal, Unity Wilmar Agro (UWA), which is 52 percent owned by Wilmar’s wholly owned subsidiary Wilmar Pakistan Holdings, acquired 59.91 million Unity Foods shares, or an around 11.01 percent stake, for 599.05 million Pakistan rupees (S$5.44 million or US$3.96 million), the filing said.

UWA manufactures meal for Pakistan’s animal feed business.

“This acquisition allows UWA to expand on its core business in Pakistan,” Wilmar said.

The seller of the shares is Mohammad Farrukh, CEO and director of Unity Foods and UWA, the filing said, adding he holds 25 percent of Unity Enterprises, which in turn owns the remaining 48 percent of UWA.

Unity Foods manufactures edible oils, industrial fats and feed ingredients for Pakistan’s poultry and livestock sector, it said.

 

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