AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets UNITY (Unity Foods Limited) 27.43 Decreased By ▼ -0.04%

Unity Foods to invest nearly Rs5bn in Sunridge Foods subsidiary

  • Says investment will help subsidiary increase its profitability which will, in turn, benefit the company and its shareholders
Published March 27, 2023

Unity Foods Limited will make an equity investment of almost Rs5 billion in its subsidiary Sunridge Foods (Private) Limited, which makes sugar and rice among other products, the company shared in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“Unity Foods Limited hereby convey that the Board of Directors (BoD) of the company in its meeting held today has approved equity investment of Rs4,999,999,995 in Sunridge Foods (Private) Limited (Sunridge), a wholly owned subsidiary of Unity, by way of subscription of 111,111,111 right shares at Rs45 per share (including premium of Rs35 per share),” read the notice.

Unity said the investment is being made with a vision of long-term growth.

According to the company, Sunridge has become a true national brand that is increasing the availability of its products throughout the country and eying the export market as well.

“This investment will help the subsidiary increase its profitability which will, in turn, benefit the company and its shareholders,” added the notice.

Back in December, Unity said it will make an equity investment of almost Rs2 billion in Sunridge, by way of a subscription of 44,444,444 right shares at Rs45/- per share (including a premium of Rs35 per share).

Unity Foods announces appointment of Lt Gen (Retd) Omar Mahmood Hayat as chair of BoD

Incorporated in Pakistan in 1991 as a Private Limited Company, Unity previously operated in the textile sector under the name of Taha Spinning Limited.

Later, due to operating losses and financial problems, that business was closed down and the company was revived under the name of Unity Foods with the principal business activity of the company having been shifted from yarn manufacturing to edible oil extraction, refining and related businesses.

Comments

Comments are closed.