Swiss dairy group Emmi has increased its stake in Tunisian dairy business Centrale Laitière de Mahdia through Kaiku, its Spanish subsidiary.
Kaiku’s stake has gone up from 45.4% to 54.7%.
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As a result, Emmi, which holds 73.4% of shares in Kaiku, will have a 40.2% stake in Centrale Laitière de Mahdia. In a second step in 2021, the stake will be increased by another 9.34%.
Emmi and the other shareholders of Kaiku have decided to increase their investment in two steps of 9.3% each, from 45.4% to first 54.7% and later to 64%.
Emmi said strengthening its international presence is part of its strategy, adding Tunisia is its company’s fourth-largest international market.
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The company has held a stake in Spain-based Kaiku since 2006, with the latter holding a stake in Centrale Laitière de Mahdia since 2012. The Tunisian company sells its products under the Vitalait brand.
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By GlobalDataKaiku’s other main markets are Spain and Chile.
Financial details of the transaction have not been disclosed.
In October, Emmi increased its stake in Mexico-based cheese importer Mexideli 2000 Holding from 50% to a controlling 51%.
Last week, Emmi sold its shareholding in Siggi’s as part of the sale of the US yogurt maker to French dairy group Lactalis.
