The FMCG major said it has acquired 51% stake in Kenya's Kenafric Biscuits (KBL) while also fully taking over Catalyst Britania Brands (CBBL).
The promoter/promoter group of Britannia Industries have no interest in both the companies.KBL makes biscuits. The object of the acquisition is to manufacture and sell biscuits in Kenya and African markets.
The KBL stake was acquired for Rs 9.2 crore. Post the acquisition, KBL has become a step down (51%) subsidiary of Britannia Industries. There is no turnover of KBL to be reported since it has not commenced operations. KBL has its presence in Nairobi, Kenya.
Meanwhile, the 100% stake of CBBL was acquired by Britannia and Associates (Dubai) Private Company, a wholly‐owned subsidiary of the company. The stake was acquired for Rs 1.42 crore.
CBBL is an investment company which owns 'Britania' trademark in Kenya. The object of the acquisition is acquire the trademark 'Britania'. The trademark "Britania" is not the same as the "Britannia" trademark of the Britannia Industries.
Post the acquisition, CBBL has become wholly‐owned step‐down subsidiary of Britannia Industries. There is no turnover of CBBL to be reported since there are no operations.
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Britannia Industries is India's largest bakery foods company and produces India's favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold, Little Hearts, and others and is consumed in over half of Indian households. The company is present in more than 80 countries across North America, Europe, Africa, Southeast Asia, and GCC.
The company's consolidated net profit declined 13.4% to Rs 337.44 crore on 9% increase in net sales to Rs 3,653.80 crore in Q1 FY23 over Q1 FY22.
Shares of Britannia Industries fell 2% at Rs 3767.95 on Monday, 3 October 2022.
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