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| Exchange Disseminated Time | HMT Ltd has informed BSE that the Company has a Joint Venture (JV) in Nigeria by name Nigeria Machine Tools Ltd, established during 1981 in which the Company had invested 15% of Equity and the balance 85% by Nigerian Government. Subsequent to the establishment of the joint venture company, the Nigerian Government has infused funds for its operations in the form of loan, which the Bureau of Public Enterprises of Nigerian Government decided to convert into equity, as it was decided to privatize the Nigeria Machine Tools Ltd, by which process the shareholding percentage of the Company would have reduced substantially in the restructured capital.
In a recent meeting held on February 07, 2006, at the highest level, the Federal Government of Nigeria has decided to retain Company’s shareholding at 15% by withdrawing its earlier decision to convert the debt into equity and off load 70% of Government holding to private highest bidders for the Company i.e. M/s. Miramar International Ltd, under privatization process. The core investor M/s. Miramar International Ltd, has sought technical and management support from the Company and its Subsidiaries in the operations of Nigeria Machine Tools Ltd, including new business proposals. |
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