Sapphire Foods India Ltd (SFIL) on Tuesday, 21st March, announced it plans to increase its stake in Gamma Island Food Private Limited (GIFPL) to 75% from the current 51%.
Gamma Island Food operates Pizza Hut and KFC restaurants in the Maldives under franchisee agreements.
“The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SFIL, has considered and approved subscription of up to 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration up to 1.88 Crore Maldivian Rufiyaa (Rs 10.15 cr)”, SFIL said.
SFIL further added, “Pursuant to this proposed acquisition, the equity shareholding of GPOPL in GIFPL will be increased from the existing 51% up to 75%.”
“The proposed acquisition is by way of subscription to the additional equity shares issued by GIFPL to GPOPL, in one or more tranches, pricing of which is based on a chartered accountant report,” it added.
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.