Sapphire Foods To Increase Stake In Maldives' Gamma Island Food To 75%

Sapphire Foods India Ltd. on Tuesday announced to increase its stake in GIFPL to 75% from the current 51%.

Gamma Island Food Private Ltd. operates Pizza Hut and KFC restaurants in Maldives under franchisee agreements.

"The Board of Directors of Gamma Pizzakraft (Overseas) Pvt. Ltd., wholly-owned subsidiary of SPIL, 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 of up to 1.88 crore Maldivian Rufiyaa (Rs 10.15 crore)," it said.

SPIL 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 GFIPL to GPOPL, in one or more tranches, pricing of which is based on a chartered accountant report," it said.

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.