Sunridge Foods to invest up to Rs1bn in agri, tech sectors

Sunridge Foods (Private) Limited, a subsidiary of Unity Foods Limited , will invest up to Rs1 billion in agriculture and technology sectors.

The investment aims to enhance food security and develop efficient farm to fork supply chain across Pakistan.

The development was shared by Unity in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

The investment includes up to Rs500 million to incorporate a wholly-owned subsidiary called ‘Unity Plantations (Private) Limited’ “for carrying out the business of corporate farming and related activities, import and export of agricultural produce and equipment,” read the notice.

Moreover, Sunridge Foods will invest “up to Rs500 million by incorporating a wholly owned subsidiary by the name of ‘Unity Technologies (Private) Limited’.”

The company is of the view that this investment will provide technology solutions related to existing business lines.

Back in March, Unity Foods announced an equity investment of almost Rs5 billion in Sunridge Foods (Private) Limited.

The investment was to be made by way of subscription of 111,111,111 right shares at Rs45 per share (including premium of Rs35 per share), Unity said back then.

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 closed and the company was revived under the name of Unity Foods with the principal business activity of the company shifting to edible oil extraction, refining and related businesses.