Britannia Industries on 3 October said that it has acquired a controlling stake in Kenya’s Kenafric Biscuits Ltd and took full control over Catalyst Britannia Brands Ltd.
Britannia and Associates (Dubai) Pvt Co Ltd (BADCO) – Britannia’s wholly-owned arm – acquired Nairobi-based liability firm Kenafric Biscuits Ltd (KBL) by subscribing to 51 per cent 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 ( ₹9.2 crore), it added.
With this, 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.
BADCO has acquired 100 per cent of the equity share capital of Catalyst Britannia Brands Ltd (CBBL) for Kenyan Shillings (KES) 2.14 crore ( ₹1.42 crore), thereby making it a 100 per cent subsidiary, Britannia Industries added.
CBBL is an investment company which owns the ‘Britannia’ trademark in Kenya. The trademark ‘Britannia’ is not the same as the ‘Britannia’ trademark of the Britannia Industries Ltd, the filing said.