ITC divests its stake in King Maker Marketing

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Kolkata, Oct 9 (IANS) FMCG major ITC Ltd on Sunday said it would divest 100 percent of its equity stake in US-based King Maker Marketing Inc for an estimated consideration of $24 million.

“The corporate management committee has approved divestment of company’s entire shareholding (204 shares of common stock with no par value) in King Maker Marketing Inc, US, a wholly-owned subsidiary, along with assignment of certain trademarks owned by the company, pursuant to the authority given by the Board of Directors of the company,” it said in a regulatory filing to the BSE.

ITC on Saturday entered into an agreement with the US-based buyer, Premier Manufacturing Inc, to sell its shares in the subsidiary company.

“The consideration to be received is estimated around $24 million in terms of the share purchase agreement and subject to regulatory approvals and customary closing conditions,” the filing said.

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The sale is expected to be completed by November 30, it added.



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