Unity Wilmar Agro (UWA), an indirect 52%-owned subsidiary of Wilmar International, has increased its total shareholding in the Unity Foods to 163.2 million ordinary shares from 59.9 million ordinary shares.
Unity Foods is a company listed on the Pakistan Stock Exchange.
Wilmar Pakistan Holdings, a directly wholly-owned subsidiary of Wilmar, has subscribed for some 70.2 million ordinary shares in Unity Foods for a total of PKR 701.6 million ($5.7 million) in cash.
The shares represent a 7.06% stake in Unity Foods.
The subscription was made during a rights issue exercise by Unity Foods at the price of PKR10 per share at the ratio of 82.71 rights shares for every 100 shares held by the shareholders of the company.
Under the terms of the rights issue, Wilmar Pakistan Holdings applied to subscribe for up to 213.3 million rights shares and was offered 70.2 million rights shares for subscription.
The subscription is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the Wilmar Group for the current FY ending December 31.
UWA did not subscribe for any rights shares in the rights issue exercise. It continues to own 163.2 million ordinary shares in Unity Foods representing approximately 16.41% shareholding interest in Unity Foods’ enlarged share capital after the rights issue.
Accordingly, Wilmar’s deemed shareholding interest in Unity Foods, held via UWA and Wilmar Pakistan Holdings, is 233.3 million ordinary shares, which represents a 23.47% stake in Unity Foods.
Shares in Wilmar closed 2 cents lower, or 0.5% down, at $4.36 on September 24.
