Karachi March 27 2023: Unity Foods Limited hereby convey that the Board of Directors of the Company in its meeting held today has approved equity investment of PKR 4,999,999,995/- in Sunridge Foods (Private) Limited (Sunridge), according to company filing to the exchange.
Sunridge is a wholly owned subsidiary of the Company. The investment will be made by way of subscription of 111.111,111 right shares at PKR 45/- per share (including premium of PKR 35/-per share).
“This investment is being made by Unity Foods with a vision of long-term growth. Sunridge has become a true National Brand and increasing its products availability throughout the Country and eying export market as well” says company chairman Lt. Gen. (Retd.) Omar Mahmood Hayat
He added, “This investment will help the subsidiary increase its profitability which will in turn benefit the Company and its shareholders.”
Earlier the company reported profit of PKR 1.6 billion for the quarter ended December 31, 2022.
