Sapphire Foods’ wholly-owned subsidiary -- Gamma Pizzakraft (Overseas) (GPOPL) has received approval from Board of Directors for subscription of upto 81,914 Equity Shares of Gamma Island Food (GIFPL), subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of upto Maldivian Rufiyaa 18,840,220. Pursuant to this proposed acquisition, the equity shareholding of GPOPL in GIFPL will be increased from the existing 51% up to 75%.
The objective of proposed acquisition is to, inter-alia, principally support GFIPL in its business expansion (opening of new stores) plan in Maldives and to further consolidate shareholding in GFIPL. The business of the step-down subsidiary is in line with the business of the Company.
Sapphire Foods India is an omnichannel restaurant operator and the largest franchisee of Yum Brands in the Indian subcontinent.
