UNITY’s subsidiary Sunridge launches Unity Xpress
MG News | February 10, 2022 at 12:44 PM GMT+05:00
February 10, 2022 (MLN): Unity Foods Limited (UNITY)’s subsidiary Sunridge Foods (Pvt.) Limited is going to launch “Unity Xpress”, its first flagship store in Karachi on Friday.
At present, UNITY owns 100% shares of Sunridge Foods Limited.
To recall, UNITY on May 27, 2019, acquired 69 percent shares in Sunridge for Rs367 million and for which the funds were generated internally for this acquisition.
Later, on February 25, 2021, the board of directors of UNITY had approved the in-principle acquisition of 16,467,818 (31%) shares of Sunridge at Rs28 per share.
Moving on, the shareholders had approved the acquisition of 16,467,818 ordinary shares of Sunridge in the extraordinary general meeting held on March 22, 2021.
The said acquisition constituted 31% shares of Sunridge.
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