Unity Foods intends to acquire Reem Rice
- The company o Tuesday informed that its Board of Directors are considering the acquisition 29,919,800 ordinary shares of the said company.
Unity Foods Limited, the manufacturer of cooking oil and Banaspati ghee in Pakistan is aiming to acquire Reem Rice Mills (Pvt) Ltd.
The company on Tuesday informed that its Board of Directors is considering the acquisition 29,919,800 ordinary shares of the said company, with a Face Value of Rs10 per share, comprising 100 percent of REEM share capital.
It is pertinent to inform that Reem Rice Mills (Pvt) Ltd. was established in Lahore back in 1994. It is a joint venture between two renowned groups from the Middle East- Al Ghurair Group of UAE and Al Muhaidib Group of Saudi Arabia.
Unity informed that it also intends to acquire the brand name ‘Reem’ as well, the rice brand considered one of the premier brands in Pakistan also has access to both local and international markets which includes companies such as Tilda (UK), Soufflet (Belgium), Silo De Tourtoulen (France), and Arrocerias (Italy).
“With the said transaction if completed, Unity Foods Limited will take another step towards becoming a complete staples food company,” said Unity in its filing to the Pakistan Stock Exchange (PSX).
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