CEO for UNITY sells 11% stake to Unity Wilmar Agro

MG News | May 24, 2019 at 12:16 PM GMT+05:00

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May 24, 2019 (MLN): Chief Executive Officer (CEO) for Unity Foods Limited (UNITY) Mr. Muhammad Farrukh has sold 59.9 million shares of the company, which constitutes approximately 11.01% of the shareholding interest, to Unity Wilmar Agro (Private) Limited (UWA) at Rs.10 per share for an aggregate consideration of Rs.599 million.

Purchase price for this transaction that took place yesterday, May 23, 2019, was agreed on a willing buyer, willing seller basis.

According to a notification issued to the Pakistan Stock Exchange (PSX), Mr. Farrukh still continues to own 46.1 million shares in the company, constituting 8.47% of the shareholding interest.

Mr. Farrukh is the CEO and a director of UWA and also a director and shareholder of Unity Enterprises Pvt. Limited, which holds a 48% shareholding interest in UWA.

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