Wilmar Pakistan Holdings Pte. Ltd, Unity Wilmar Agro Limited and certain shareholders made an offer to acquire additional 23.2% stake in Unity Foods Limited for PKR 6.89 billion in a tender offer transaction.

Wilmar Pakistan Holdings Pte. Ltd, Unity Wilmar Agro (Private) Limited, Muhammad Farrukh and Fehmida Amin made an offer to acquire additional 23.2% stake in Unity Foods Limited (KASE:UNITY) for PKR 6.89 billion in a tender offer transaction on March 19, 2024. Consideration is offered at PKR 24.89 per share.

The acquirers, namely Wilmar Pakistan Holdings Pte. Ltd (WPH), Unity Wilmar Agro (Private) Limited (UWA), Muhammad Farrukh, and Fehmida Amin, already hold 53.59% (or 639.90 million shares) of Unity Foods. Funding by WPH and UWA for the acquisition is expected to be from internal resources.

The acquisition is not expected to have a material impact on the consolidated net tangible assets and earnings per share of Wilmar Group for the current financial year ending December 31, 2024. The transaction is expected to close on June 12, 2024. Arif Habib Limited acted as the manager to the public offer.

Arif Habib Limited acted as financial advisor to Unity Wilmar Agro Private Limited and Wilmar Pakistan Holdings Pte Ltd.