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Britannia purchases a controlling stake in Kenya’s Kenafric Biscuits

Britannia Industries has acquired a controlling stake in Kenya’s Kenafric Biscuits Ltd while also fully taking over Catalyst Britannia Brands. The company’s wholly-owned arm, Britannia and Associates (Dubai) Pvt 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.

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. The company said there is no turnover for KBL to be reported since it has not commenced operations. Britannia Industries further 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 (Rs 1.42 crore), thereby making it a 100 per cent subsidiary.

CBBL is an investment company which owns the “Britannia” trademark in Kenya. The trademark ‘Britannia’ is not the same as the ‘Britannia’ trademark of Britannia Industries Ltd., the filing said.

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