Unity Foods utilizes right issue amount of Rs2.75bn

MG News | June 27, 2023 at 03:12 PM GMT+05:00

0:00

June 27, 2023 (MLN): Unity Foods Limited (PSX: UNITY) has successfully utilized the right issue proceeds amount of Rs2.75 billion, the company’s progress report issued to the bourse showed today.

Of the total subscription of Rs3.75bn, 73.39% of the funds worth Rs2.75bn were utilized.

Of the total utilized amount, Rs2.75bn was used for the acquisition of Port Qasim refinery and its additions.

To note, UNITY announced its right issue at 221.83% on February 19, 2019. The issue comprised of 375 million shares at face value of Rs10 per share.

UNITY's principal activities are edible oil extraction, refining, and related businesses.

At the time of reporting this, the stock of the company is currently trading at a price of Rs15.59, up by 1.1% DoD.

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