Del Monte Pacific (SGX:D03) has entered a share swap agreement with India's Agro Tech Foods (NSE:ATFL, BOM:500215), transferring a 41% stake in Del Monte India in exchange for 13-14% of Agro Tech's enlarged share capital, according to a Monday filing on the Singapore Exchange.
The deal, aimed at streamlining operations and boosting synergies, allows Del Monte Pacific to benefit from Agro Tech Foods' broader distribution and profitable product range, it said.
The transaction does not involve cash payments and will also maintain the licensing of the Del Monte trademark to Del Monte India.
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