Karachi December 6 2022: Board of Directors of the Unity Foods in its meeting held on December 05, 2022 has approved further equity investment of Rs. 1,999,999,980/- in Sun ridge Foods (Private) Limited (Sun ridge), 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.
This investment will allow Sunridge Foods to complete acquisition of assets of Uni-Food Industries Limited and a Rice and Flour Mill at Jaranwala Road, District Sheikhupura; thus enhancing its 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.
This will also result in Sunridge entering into the ·value added- space, thus helping the Company in increasing its product pallet as well as improve its profit margins going forward. 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.