Unity Foods utilizes right subscription amount of Rs2.85bn for refinery project

MG News | December 12, 2023 at 02:48 PM GMT+05:00

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December 12, 2022 (MLN): Unity Foods Limited (PSX: UNITY) has successfully utilized the right subscription amount of Rs2.85 billion, the company’s quarterly progress report issued to the bourse showed today.

Out of the total amount, Rs850 million was utilized for the acquisition of Port Qasim Refinery, while Rs2bn was utilized for additions to the Refinery.

To note, UNITY announced its Right Issue at 221.83% on February 19, 2019. The issue comprised 375 million shares at a face value of Rs10 each amounting to Rs3.75bn.

Accordingly, the remaining amount, I.e. Rs900m was planned for the establishment of an oil terminal which has not been utilized yet.

However, the company said that the contract for building the Oil Terminal has been awarded and it will be handed over within a year.

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