Dabur exits UAE cosmetics distributor Weikfield
03 July 2012
Dabur International Limited, a wholly owned subsidiary of Dabur India Ltd, has divested its entire shareholding in Weikfield International (UAE) Ltd. Accordingly, Weikfield International has ceased to be the company's step-down subsidiary with effect from 25 June 2012, Dabur India said in a filing with the Bombay Stock Exchange (BSE).
Weikfield International is in the business of importing, exporting, warehousing and distribution of cosmetics and food products.
Dabur International had, in September 2003, acquired 38.41 per cent equity in Weikfield by purchasing 615 shares in the company.
Dabur India is the fourth largest FMCG company in India, with operations in hair care, oral care, health care, skin care, home care and foods segments.
Dabur's flagship brands include Vatika, Hajmola, Real and Fem.
Dabur had, in November 2010, bought US-based hair care company Namaste Laboratories and its three subsidiaries for $100 million (Rs446 crore) in an all-cash deal through its US-based wholly-owned subsidiary Dermoviva Skin Essentials Inc.
Dabur made its first overseas acquisition in September 2010 when it bought Turkish personal care company Hobi Kozmetick - which sells hair care and skin care products in 34 countries mostly in the Middle East and North Africa - for Rs324 crore ($69 million).