Camlin Fine Sciences shares surge 9% after company announces 1 Euro acquisition
Shares of Camlin Fine Sciences witnessed a notable surge of 9% on the BSE on Wednesday, reaching the day's peak at Rs 113. This upswing followed the company's announcement regarding the complete acquisition of Vitafor Invest NV by its wholly owned subsidiary, Dresen Quimica SAPI De CV.
Shares of on Wednesday surged 9% on BSE to the day’s high of Rs 113 after the company announced a 100% acquisition of Vitafor Invest NV by its wholly owned subsidiary, Dresen Quimica SAPI De CV. The total cost of this acquisition will be 1 Euro.“We wish to inform you that our wholly owned subsidiary viz. Dresen Quimica SAPI De CV, Mexico has entered into a Share Purchase Agreement (SPA) on June 11, 2024, to acquire a 100% stake in Vitafor Invest NV, Belgium and its underlying subsidiaries/associates namely Addi-Tech NV (100%); Vitafor NV (100%); Vitafor China Ltd. (100%); Europe Bio Engineering BV (100%) and Vial Sàrl (45%), subject to the terms and conditions of the SPA executed between them,” said Camlin in a filing to the stock exchanges.
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The filing further informs that during the calendar year 2023 (January 2023 to December 2023), Vitafor generated a turnover of € 16.55 million with a loss of € 1.18 million. For the aforesaid year the net worth of Vitafor was approximately € 6.78 million.
The product basket of Vitafor will be aligned with the company’s group and marketing of the basket products will be carried out with the existing customers. The group will use the facility of Vitafor and its network to augment and grow in the European feed and pet food market and also in the African market.
“The acquisition could be an excellent synergy to grow the product lines of Vitafor with the existing customers,” read the company filing.
Vitafor Invest was founded in February 2018 and is a Belgian company that manufactures and trades in products catering to the animal feed industry.
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Source: Stocks-Markets-Economic Times
