 "Camlin Fine Sciences up 10% on acquiring Belgium based animal food firm")
Camlin Fine Sciences share rise: Shares of Smallcap firm Camlin Fine Sciences surged 9.7 per cent at Rs 113.33 per share on the BSE in early trades on Wednesday. This came after the Indian food chemicals manufacturer’s subsidiary acquired a 100 per cent stake in Belgium based Vitafor Invest NV.
“The company’s wholly owned subsidiary, Dresen Quimica based in Mexico (Dresen) shall acquire 100 per cent stake in Vitafor, at a consideration aggregating to € 1 (Euro One Only),” the company said in an exchange filing on Tuesday.
The share purchase agreement involves a 100 per cent take over of Vitafor Invest’s subsidiaries namely, Addi-Tech, Vitafor NV, Vitafor China, Europe BioEngineering and a 45 per cent stake in Vial Sàrl.
Vitafor manufactures and trades in products catering to the animal feed industry. During the calendar year 2023 (Jan. 2023 to Dec. 2023), Vitafor generated a turnover of € 16.55 million with a loss of € 1.18 million. For the aforesaid year the net worth of Vitafor was around € 6.78 million.
“The product basket of Vitafor will be aligned with the Company’s Group and marketing of the basket products will be carried out with the existing customers. The acquisition could be an excellent synergy to grow the product lines of Vitafor with the existing customers,” the management said in a statement.
Camlin Fine Sciences reported a revenues of Rs 22 crore in the fourth quarter of fiscal year 2023-24 (Q4FY24), while recording a net loss of Rs 44 crores. For FY24, the company recorded a revenue of Rs 77 crore and net loss of Rs 51 crore.
At 11:00 AM; the stock of the company was trading 6.83 per cent higher at Rs 110.79 per share on the BSE. By comparison the BSE Sensex climbed up by 0.68 per cent.