Food Giant Wilmar Hit by $150 Million Loss From Pakistan Company
Workers outside an Adani Wilmar Ltd., of Adani Group manufacturing unit in Mundra, Gujarat, India.
Photographer: Dhiraj Singh/BloombergAsian food giant Wilmar International Ltd. has booked a $150 million loss tied to its investment in Pakistan food maker Unity Foods Ltd., the latest in a string of challenges the company is facing across Asia.
The Singapore-listed trader revealed in its full-year financial statement last week that it had made the provision for losses in relation to an “associated company” in Pakistan. A spokesperson later confirmed that the company is Unity Foods, a Pakistan-listed agribusiness operating in products including edible oils and rice.