Latest News | .NEWDELHI/BERNE DCM69 BIZ-SAPPHIRE FOODS Sapphire Foods to Increase Its Stake in Maldives-based GFIPL from 51% Up to 75%.

New Delhi, Feb 21 (PTI) Sapphire Foods India Ltd (SPIL) on Tuesday announced to increase its stake in GIFPL to 75 per cent from the current 51 per cent

Gamma Island Food Private Ltd (GIFPL) operates Pizza Hut and KFC restaurants in Maldives under franchisee agreements.

Also Read | EPFO: New Guidelines Issued for Higher Pension Under EPS; Check Eligibility, Deadline, Where and How To Apply.

"The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SPIL, has considered and approved subscription of upto 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of upto 1.88 crore Maldivian Rufiyaa (Rs 10.15 cr)," it said.

SPIL further added, "Pursuant to this proposed acquisition, the equity shareholding of GPOPL in GIFPL will be increased from the existing 51% up to 75%."

Also Read | Indians Spending Over USD 1 Billion Every Month on Foreign Travel, Says Reserve Bank Data.

"The proposed acquisition is by way of subscription to the additional equity shares issued by GFIPL to GPOPL, in one or more tranches, pricing of which is based on a chartered accountant report," it said.

SFIL is one of the largest franchisees of Yum! Brands Inc in the subcontinent, operating more than 700 KFC, Pizza Hut and Taco Bell restaurants across India, Sri Lanka and the Maldives. PTI

(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)