Linc informed the exchange that it had acquired 60% stake in Kenyan Pen manufacturer Gelx.
The acquisition will provide Link with the opportunity to grow in Africa. Consequent to acquisition of 60% of shareholding of Gelx, it will become a subsidiary of Linc Ltd.
The acquisition is subject to approval from the Competition Authority of Kenya.
Linc will spend a cash consideration of $100 for purchase of 60% shares of the Company and line of credit of upto $500,000 as a loan carrying interest rate as per arms length.
Post investment, Linc will hold 60% shareholding in Gelx through acquisition of 2,56,94,400 equity shares.