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Dalda unit sale may complete in three months
KARACHI (April 13 2004): Unilever Pakistan Ltd is
expected to complete the sale of its edible oil
business, having the brand name 'Dalda' in about
three months.
The company, in a letter, informed the Karachi
Stock Exchange on Monday that Unilever Pakistan is
continuing review of its edible oil business and
no final decision has yet been taken.
To date, the company has received several initial
non-binding offers for its edible oil business.
The company said that for a more informed
evaluation, selected parties were given access to
financial, manufacturing and marketing information
relating to the edible oil business under
confidentiality agreements.
The company said it expects that firm offers would
be forthcoming from the interested parties. It
would consider these offers as part of its review
of the edible oil business. This process is
expected to be completed in the next two to three
months.
The edible oil business uses the Dalda brand name,
which is licensed to Unilever Pakistan by its
parent company Unilever Plc.
In the event of a decision being taken upon review
to sell the edible oil business, Unilever Pakistan
will seek its shareholders approval at an
extraordinary general meeting, the company said.
The interests of Unilever Pakistan partners,
shareholders and employees of the edible oil
business will remain an important factor in the
review process. Over the last few years, Unilever
has internationally divested most of its edible
oil business.
Unilever Pakistan remains committed to focus on
its core business in Pakistan which are vital for
its long-term future of this country.
Unilever share price rose by Rs 20, or 1.3
percent, to Rs 1580 at the close of Karachi Stock
Exchange on Monday.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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