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Wednesday, July 12, 2017

Camlin Fine rises 7% on 51% stake acquisition in Chinese company

The company along with its subsidiary CFS Europe SpA, Italy has jointly acquired 51 percent stake in Ningbo Wanglong Flavors and Fragrances Company (NWFFCL).

Shares of Camlin Fine Sciences rose 7 percent intraday Wednesday as it has acquired 51 percent stake in an entity in China.

The company along with its subsidiary CFS Europe SpA, Italy has jointly acquired 51 percent stake in Ningbo Wanglong Flavors and Fragrances Company (NWFFCL).

NWFFCL is a joint venture between the company and Wanglong Technology Company.

The said acquisition has done through cash consideration for an amount of USD 6.28 million.

The company’s 24 the annual general meeting is scheduled to be held on July 21.

At 09:41 hrs Camlin Fine Sciences was quoting at Rs 91, up Rs 1.15, or 1.28 percent on the BSE.
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