Latest News | Britannia Acquires Controlling Stake in Kenya's Kenafric Biscuits

New Delhi, Oct 3 (PTI) 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 Ltd (BADCO) has acquired control of Kenafric Biscuits Ltd (KBL), a private limited liability firm incorporated in Nairobi, Kenya, by subscribing to 51 per cent of the equity share capital of the company, Britannia Industries said in a regulatory filing.

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The cost of acquisition was Kenyan Shillings (KES) 13.87 crore (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.

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Britannia Industries further said BADCO has acquired 100 per cent of the equity share capital of Catalyst Britania Brands Ltd (CBBL) for Kenyan Shillings (KES) 2.14 crore (Rs 1.42 crore), thereby making it a 100 per cent 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)