October 6, 2020 (MLN): The Board of Directors of Unity Foods Limited are considering acquisition of 29,919,800 ordinary shares of Reem Rice Mills (Pvt.) Ltd. (REEM), having face value of PKR 10 per share, said the company’s notification to PSX.
The said shares account for 100% of Reem Rice Mills (Pvt.) Limited's share capital, currently owned as a JV between the East-Al Ghurair Group of UAE and Al Muhaidib Group of Saudi Arabia.
The said acquisition, if transpires, also includes the use of brand name `Reem'.
By way of background, Reem is considered one of the premium basmati brands of Pakistan, with access to local and international markets, including renowned companies such as Tilda (UK), Soufflet (Belgium), Silo De Tourtoulen (France) and Arrocerias (Italy).
With the above acquisition, if completed, Unity Foods Limited will take another step towards becoming a complete staples food company, having already forayed into edible oils and flour, in addition to specialty fats and animal feed meals.
The above transaction will be subject to requisite confirmatory due diligence, compliance with applicable legal and regulatory processes and execution of definitive Share Purchase Agreement (SPA).
