Announcement under Regulation 30 of SEBI LODR 2015.
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Awaiting price reaction for this filing.
Oceanic Foods Limited has incorporated a new subsidiary called Oceanic Food Ingredients Ltd in Nigeria, West Africa, and holds 51% of its total capital. The new entity will be engaged in dehydration and preservation of spices and vegetables, the same line of business as the parent. The subsidiary has an authorized and paid-up share capital of approximately ₹57 lakhs (in Nigerian Naira), and the cost of acquisition is at face value paid in cash. The move is aimed at expanding the company's presence in the African market, creating new business opportunities, and supporting long-term strategic growth. Regulatory approval has been obtained from the Registrar-General of Corporate Affairs Commission in Nigeria.
This is a modest, low-cost international expansion into Nigeria in the company's existing business line. Short-term impact on stock price is likely limited given the small capital outlay, but it signals the company's intent to tap African markets and could be a positive medium-term growth trigger if the subsidiary gains traction.