A Karachi-based edible oil and ghee producer, Unity Food Limited, has planned to acquire 100 % share capital of an Arab owned rice mill to enhance its business in the food sector.
According to the notification issued to Pakistan Stock Exchange, the board of directors of Unity Foods Limited is considering an acquisition of 29 million ordinary shares of Reem Rice Limited with a face value of Rs. 10.
The management of the company will do negotiation with the management of Reem Rice Ltd before the legal and regulatory process. The notification said that Unity Foods Limited will also acquire the name of the rice brand with the acquisition of Reem Rice Limited.
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.
Reem has been exporting premium quality rice to the world since its establishment which includes some of the famous companies such as Tilda (UK), Soufflet (Belgium), Silo De Tourtoulen (France), and Arrocerias (Italy).
Unity Foods Limited, an acquirer, is the public listed company. It produces edible oil, industrial fats and various feed ingredients for the poultry and livestock sector.