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| Exchange Received Time 26/11/2018 12:29:23 Exchange Disseminated Time 26/11/2018 12:29:29 Time Taken 00:00:06 | In order to create a seemless international distribution arm and consolidate distribution operations across North America and the European region, the Board of Directors at their meeting held on November 26, 2018 at the Registered Office of the Company approved the following items/transactions:
a. To dis-invest 100% holding in Himatsingka Europe Limited, wholly owned subsidiary and sell the same to Himatsingka Holdings NA Inc, wholly owned subsidiary at a fair market value. Post dis-investment of the Company's holdings, Himatsingka Europe Limited will consequentially become a wholly owned step down subsidiary of Himatsingka Seide Limited under existing wholly owned subsidiary Himatsingka Holdings NA Inc. The disclosure for the proposed sale is enclosed hereto as Annexure A.
b. To approve merger of Giuseppe Bellora Srl, a step-down wholly owned subsidiary with Himatsingka America Inc, another step-down wholly owned subsidiary. Post merger Giuseppe Bellora Srl will cease to be a step-down wholly owned subsidiary. The disclosure for the proposed merger is enclosed hereto as Annexure B.
Please take the same on record.
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