From Yahoo Finance · · 1m
LT Foods Acquires Kameda Seika Stake
LT Foods buys Kameda Seika's 49% stake in India rice snack JV for Rs11.2m.
In brief
LT Foods buys Kameda Seika's 49% stake in India rice snack JV for Rs11.2m. LT Foods acquires full ownership of Kameda LT Foods (India) after buying Kameda Seika's 49% stake for Rs11.2m ($117,026). Originally reported by Yahoo Finance.
LT Foods Acquires Stake
India's LT Foods is acquiring the remaining 49% stake in its rice-snacks joint venture with Japan's Kameda Seika.
Deal Details
LT Foods agreed to buy Kameda Seika's entire holding for Rs11.2m ($117,026) in a stock-exchange filing on 16 September.
Ownership Change
LT Foods' stake will rise from 51% to 100%, making the business a wholly owned subsidiary.
Completion Timeline
The transaction is expected to be completed by 31 December, subject to legal requirements and regulatory filings.
Kameda Seika's Statement
Kameda Seika said the share transfer will contribute to the growth of KLT and the group's medium- to long-term strategy.
Financial Performance
The JV reported a net loss of Rs121.1m for the year ended 31 March, while net sales totaled Rs141m.
The one thing
LT Foods acquires full ownership of Kameda LT Foods (India) after buying Kameda Seika's 49% stake for Rs11.2m ($117,026).
