April 23, 2024 (MLN): The Competition Commission of Pakistan (CCP) has approved the share acquisition of a Pakistani food company by four acquirers, including a Singapore-based investment holding company.
The approved transaction involves the acquisition of a 23.2% shareholding in Unity Foods Limited (PSX: UNITY) by the four acquirers.
One of the acquirers is Wilmar Pakistan Holdings Pte. Limited, a wholly owned subsidiary of Wilmar International Limited, a Fortune 500 company incorporated in Singapore.
The other three acquirers include Unity Wilmar Agro (Private) Limited, a private limited company incorporated in Pakistan and engaged in the edible oils business, and two individual Pakistani investors who are also the existing shareholders of the target company.
CCP’s merger analysis revealed that the proposed transaction will not result in dominance of the acquirers in the relevant market, post-transaction. Therefore, the merger has been authorized.
This approval reflects the confidence of international investors in Pakistan's economy and its potential for growth. Wilmar International’s investment in Unity Foods reaffirms its commitment to Pakistan’s economy, showcasing confidence in the resilience and potential of the country's economic landscape.
This merger approval is expected to enhance consumer choice and spur innovation in the food business sector, ultimately benefiting Pakistani consumers.
