Britannia Industries said it has acquired a controlling stake in Kenya's Kenafric Biscuits Ltd while also fully taking over Catalyst Britania Brands.
The company's wholly-owned arm Britannia and Associates (Dubai) Pvt Co Ltd (BADCO) has acquired control of Kenafric Biscuits Ltd (KBL), a private limited liability firm incorporated in Nairobi, Kenya, by subscribing to 51 percent of the equity share capital of the company, Britannia Industries said in a regulatory filing.
The cost of acquisition was Kenyan Shillings (KES) 13.87 crore (Rs 9.2 crore). 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 percent of the equity share capital of Catalyst Britannia Brands Ltd (CBBL) for Kenyan Shillings (KES) 2.14 crore (Rs 1.42 crore), thereby making it a 100 percent subsidiary.
CBBL is an investment company that owns the 'Britannia' trademark in Kenya. The trademark 'Britannia' is not the same as the 'Britannia' trademark of Britannia Industries Ltd, the filing said.