UNITY in process of acquiring land for Oil Terminal storage

News Image

By MG News | June 20, 2022 at 04:16 PM GMT+05:00

0:00

June 20, 2022 (MLN): Unity Foods Limited (PSX: UNITY) has identified site for establishment of Oil Terminal storage capacity and is now in process of closing the purchase of land, company said in its progress report on utilization of the proceeds of Right Issue.

This will fit well with the future strategy of the company and will allow it to be a cost efficient national edible oil and staple food processor, report said.

On utilization of proceeds, the company stated that the work on stipulated projects remained slow due to the impact of last wave of COVID-19 which has slowed down construction/manufacturing activities.

However, with Covid now subsiding, the Company expects to complete remaining additions to the machinery once it is delivered. Meanwhile, the Company remains committed to executing its well laid down expansion plan as per strategy.

Item wise breakup revealed that the company has so far utilized 50.68% of the proceeds for the acquisition of Port Qasim Refinery and machinery additions to Port Qasim Refinery.

It is expected that the remaining machinery additions to Port Qasim Refinery will be delivered by end of the year 2022, company said.

Company further stated that the remaining unutilized amount will be fully utilized to set up the supporting infrastructure by the time machinery is delivered and installed.

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

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 128,199.43
336.91M
2.05%
2572.11
ALLSHR 79,787.62
1,023.63M
1.53%
1202.91
KSE30 39,105.00
121.90M
2.49%
951.21
KMI30 186,915.61
131.16M
1.10%
2029.11
KMIALLSHR 54,201.88
553.60M
0.81%
438.07
BKTi 33,476.68
51.49M
4.87%
1555.00
OGTi 27,962.58
9.77M
0.68%
188.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 105,830.00 106,200.00
105,625.00
80.00
0.08%
BRENT CRUDE 67.15 67.29
67.09
0.04
0.06%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 103.80
103.80
-3.45
-3.22%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.44 65.65
65.40
-0.01
-0.02%
SUGAR #11 WORLD 15.70 16.21
15.55
-0.50
-3.09%

Chart of the Day


Latest News
July 02, 2025 at 06:01 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 01, 2025 at 10:04 PM GMT+05:00

Pakistan’s trade deficit improves by over 9% in June


July 01, 2025 at 05:24 PM GMT+05:00

Gold price in Pakistan rises Rs6,600 per tola



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg