Inquirer
Del Monte offloads stake in India’s Sundrop Brands
Del Monte Pacific Ltd. (DMPL) plans to sell more shares in its Indian subsidiary, Sundrop Brands Ltd., after already raising $15 million from a previous stake sale.
DMPL India Ltd., an indirect subsidiary of DMPL, sold 1.88 million ordinary shares in Sundrop Brands to CAG-Tech (Mauritius) Ltd., the promoter of Sundrop Brands.
Sundrop Brands is a prominent Indian company involved in the manufacturing, marketing, and selling of food and food ingredients, with well-known brands like ACT II popcorn and Sundrop edible oil.
In addition to the sale to CAG-Tech, DMPL has entered into another agreement to sell an additional 547,946 ordinary shares, representing a 1.45 percent equity interest, to an independent third party.
The terms for this additional share sale are on an arm's length basis and are similar to the previously completed transaction.
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