Unity Wilmar Agro (Private) Limited has increased its shareholding in Unity Foods to about 30 percent after it acquired shares from its sellers.

Unity Wilmar Agro (Private) Limited, a 52 percent owned subsidiary of Wilmar Pakistan Holdings Pte. Ltd has acquired from Muhammad Farrukh, Safdar Sajjad, and Fehmida Amin a total of 103,260,690 ordinary shares in Unity Foods Limited representing approximately 18.98 pc shareholding interest in Unity Foods, at Rs10 per share totaling Rs1,032,606,900 in cash, informed the company in a statement.

Prior to the acquisition, UWA owned 59,905,187 shares in Unity Foods, representing approximately 11.01pc shareholding interest in Unity Foods, which were acquired from Muhammad Farrukh in May 2019 at Rs10 per share in cash.

Following the completion of the acquisition, UWA now holds 163,165,877 ordinary shares in Unity Foods, representing about 29.99pc shareholding interest in Unity Foods.

The company informed that the purchase consideration of Rs1,032,606,900 was agreed on a willing-buyer, willing-seller basis, at the same purchase price of Rs10 per share paid by UWA in the 2019 Acquisition and was funded from the internal funds of UWA.

UWA is in the business of manufacturing meal for the animal feed business in Pakistan. The company says that the acquisition would allow UWA to have a bigger presence in the edible oils, flour and industrial fats market in Pakistan.