Karachi January 24 2023: Unity Foods Limited announce that the transaction of acquisition of 100% shares of Uni-Food Industries Limited by Sunridge Foods (Pvt.) Limited, the wholly owned subsidiary of Unity Foods, has been completed.
Sunridge is expected to benefit from this acquisition by entering the "value added" space and will also be eying export of products manufactured by Uni-Food Industries Limited, in the future.
Earlier on December 05 2022, Board of Directors of the Company has approved further equity investment of Rs. 1,999,999,980/- in Sunridge Foods (Private) Limited (Sunridge), a wholly owned subsidiary of the Company, by way of subscription of 44,444,444 right shares at PKR 45/- per share (including premium of PKR 35/- per share). This investment is being funded through Unity Food's retained earnings, with a vision of long-term growth.
Acquisition of assets of Uni-Food Industries Limited and a Rice and Flour Mill at Jaranwala Road, District Sheikhupura; will enhance company production capacity, reducing distribution costs for sales in Central and Northern part of the Country and also a step towards forward integration utilizing own produce.
Also, with the addition of rice products, Sunridge Foods will be offering a comprehensive basket of staples to its customers. This also be another step for the Company to establish itself as a true National Brand.