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| Exchange Disseminated Time 08/11/2015 17:25:15 | Manaksia Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 08, 2015, took the note of the following:
- The Board of Directors of Euroasian Steels LLC, subsidiary of the Company, have decided closure of its plant located in Georgia temporarily due to decrease in steel prices globally. The subsidiary company is unable to sustain the high costs of production and low sales pricing and as a result is not able to survive in the volatile global steel market. The Board of Directors of the subsidiary company shall review the situation periodically, assess the feasibility of restarting operations in due course. The Company shall intimate the stock exchanges as soon as the operations are restarted. |
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