Shan Foods considering selling majority stake: report

• Shan Foods has declined to comment as the talks are private, Bloomberg reported.
• The company previously rejected claims of getting acquired by a multinational company.

Pakistan’s producer of packaged spice mixes, Shan Foods Pvt, is considering to sell its majority stake, which could generate up to $250 million for the Pakistani company.

According to a report in Bloomberg, the spice maker has approached a number of potential buyers including FMCG giant Unilever. However, Shan Foods has declined to comment as the talks are private. As per the report, the deal would give potential buyer an entry into the world’s sixth most populous nation.

The report comes days after Shan Foods debunked claims of the company getting acquired by a multinational company. In a statement released, the corporation declined news regarding its acquisition and clarified in case of future that any such news will be communicated by the company to the respective shareholders.

“Speculative news has been circulating on social media channels claiming that a multinational company is in the process of acquiring and/or has acquired Shan Foods,” read the statement. “However, if and when such a situation develops, we will be the first to communicate the news to our respective stakeholders,” it added.