Lovello to acquire 50% stake in Sharika Foods

Taufika Foods and Lovello Ice-cream PLC has announced that it would acquire a 50 percent stake in Sharika Foods & Amandala Ltd at a cost of Tk 50 lakh. 

Lovello's board has approved a proposal to purchase 5 lakh shares of Sharika Foods at Tk 10 each, as disclosed on the Dhaka Stock Exchange (DSE) website yesterday.

The investment will be funded from the company's earnings, according to the website posting.

The acquisition will proceed following shareholder approval at an upcoming 13th annual general meeting, it added.

However, the share price of Lovello declined by 1 percent to Tk 88.8 at the DSE yesterday.