Quality Beverages Limited (MUSE:QBL.I0000) made a proposal to acquire 25% stake in Margarine Industries Limited (MUSE:MIL.I0000) on May 27, 2019. As part of the consideration, Quality Beverages Limited (MUSE:QBL.I0000) will issue 14,411,472 new ordinary shares at the exchange ratio of 48:1. Accordingly, the Board of Quality Beverages Limited and Margarine Industries Limited have resolved to take all corporate actions necessary including obtaining the approval of the regulatory authorities and of its shareholders to give effect to the proposal. Quality Beverages Limited will be the surviving company.

The deal is approved by Board of Directors of Margarine Industries Limited and Quality Beverages Limited. As on September 6, 2019, the transaction has been unanimously approved by the shareholders of by way of special resolution. The expected closing date of the transaction is October 1, 2019.