Jubilant Foodworks gets tasty

Jubilant Foodworks opened in the positive at Rs.2970, surging 4.5% to hit a new high today at Rs.3083. Its 10% UC of the day at Rs.3246.15.

The stock hit a new high on the back of its announcement that its subsidiary has entered into a purchase agreement to fully acquire Fides Food Systems Coöperatief U.A.

Jubilant Foodworks Netherlands B.V., a wholly-owned subsidiary of the company, has entered into a purchase agreement with Turkish Private Equity Fund II L.P. to fully acquire Fides Food Systems Coöperatief U.A. which holds 32.81% equity shares in DP Eurasia N.V.

It has also executed the Purchase Agreement as guarantor in connection with the investment obligations of Jubilant Foodworks Netherlands B.V. DP Eurasia is a public company listed with London Stock Exchange PLC, and is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia.

DP Eurasia (together with its subsidiaries) offers pizza delivery and takeaway/eat-in facilities at 771 stores (568 in Turkey, 190 in Russia, 9 in Azerbaijan and 4 in Georgia as on 31 December 2020.