Britannia Industries on Monday said it has acquired a controlling stake in Kenya's Kenafric Biscuits Ltd. while also fully taking over Catalyst Britania Brands Ltd.
The company's wholly-owned arm Britannia and Associates (Dubai) Pvt Co. has acquired control of Kenafric Biscuits, a private limited liability firm incorporated in Nairobi, Kenya, by subscribing to 51% of the equity share capital of the company, Britannia Industries said in a regulatory filing.
The cost of acquisition was 13.87 crore Kenyan shillings (Rs 9.2 crore), it added.
Subsequently, KBL has become a step down subsidiary of Britannia Industries. There is no turnover of KBL to be reported since it has not commenced operations, the company said.
Britannia Industries further said BADCO has acquired 100% of the equity share capital of Catalyst Britania Brands for 2.14 crore Kenyan shillings (Rs 1.42 crore), thereby making it a 100% subsidiary.
CBBL is an investment company which owns the 'Britania' trademark in Kenya. The trademark 'Britania' is not the same as the 'Britannia' trademark of the Britannia Industries Ltd., the filing said.
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