Unity Foods completes major refinery acquisition

MG News | June 28, 2024 at 04:41 PM GMT+05:00

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June 28, 2024 (MLN): Unity Foods Limited (PSX: UNITY) has completed the actual utilization of acquisition and additions to Port Qasim Refinery as of March 30, 2024, the company’s quarterly progress report issued to the bourse showed today.

On March 27, 2024, the company notified that it had utilized Rs2.85 billion of the allocated funds worth Rs3.75bn.

According to the report, the funds allocated for the acquisition of Port Qasim Refinery, totalling Rs850 million, and additions to Port Qasim Refinery, totalling Rs2bn, have been fully utilized.

Meanwhile, the remaining Rs900m earmarked for the establishment of the Oil Terminal remained entirely unutilized.

The contract for building the Oil Terminal has been awarded and it is expected to be handed over within nine months, the company said.

To note, Unity Foods Limited announced its right Issue at 221.83% on February 19, 2019. The issue comprised 375m shares at face value of Rs10 each amounting to Rs3.75bn.

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