UNITY to acquire 69% stake of Sunridge Foods

MG News | May 27, 2019 at 12:38 PM GMT+05:00

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May 27, 2019 (MLN): Unity Foods (UNITY) Limited has decided to proceed with the acquisition of 69% shares of Sunridge Foods, in order to expand and diversify its operations.

In an official announcement to the Pakistan Stock Exchange (PSX), UNITY has divulged that it will invest Rs.366.5 million in 36.65 million shares of Sunridge Foods valued at Rs.10 per share, which collectively constitutes 69% of the company’s paid up capital.

The notification further disclosed that Sunridge Foods has deployed the latest Swiss technology ‘PESA Mill’ that gives a consistent high quality 100% whole wheat flour. “This is, to-date, the only PESA Mill in Pakistan producing PSQCA certified 100% whole wheat flour,” read the notice.

Sunridge Foods is capable of producing 36,000 metric tons of wheat flour a year.

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