March 27, 2024 (MLN): Unity Foods Limited (PSX: UNITY) has utilized Rs2.85 billion of the allocated funds worth Rs3.75bn, the company’s quarterly progress report issued to the bourse showed today.

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

Meanwhile, the remaining Rs900m earmarked for the establishment of 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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Posted on: 2024-03-27T13:10:47+05:00