Sapphire Foods India Ltd (SPIL) has announced to increase its stake in GIFPL to 75 per cent from the current 51 per cent. Gamma Island Food Private Ltd (GIFPL) operates Pizza Hut and KFC restaurants in Maldives under franchisee agreements.
“The Board of Directors of Gamma Pizzakraft (Overseas) Pvt Ltd (GPOPL), wholly-owned subsidiary of SPIL, has considered and approved subscription of upto 81,914 Equity Shares of GIFPL, subsidiary of GPOPL and step-down subsidiary of the Company, for a total consideration of upto 1.88 crore Maldivian Rufiyaa (Rs 10.15 cr),” 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.
Sapphire Foods was set up in September 2015, by the acquisition of around 270 KFC and Pizza Hut Stores in India and Sri Lanka, by a group of leading Private Equity firms and is managed by a team of professionals.
Pizza Hut is an American multinational restaurant chain and international franchise founded in 1958 in Wichita, Kansas by Dan and Frank Carney. They serve their signature pan pizza and other dishes including pasta, breadsticks and dessert at dine-in, take-out and delivery chain locations.
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KFC is an American fast food restaurant chain headquartered in Louisville, Kentucky, that specializes in fried chicken. It is the world’s second-largest restaurant chain after McDonald’s, with 22,621 locations globally in 150 countries as of December 2019. The chain is a subsidiary of Yum!