Sapphire Foods Removes 18.5% Secondary Sale Condition From Devyani Merger

Board approved the revised merger scheme with Devyani International after SFML and Arctic mutually terminated the SPA for the proposed secondary sale of approximately 18.5% of Sapphire Foods. Removing the secondary-sale transaction as a condition precedent allows the merger process to continue in the ordinary course. The share-exchange ratio and other scheme terms remain unchanged. SFML will receive Devyani shares like other Sapphire shareholders, while a future secondary transaction with Arctic may still be explored. The merger remains subject to requisite approvals and is not yet complete.