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| Exchange Received Time 06/04/2018 18:05:01 Exchange Disseminated Time 06/04/2018 18:05:07 Time Taken 00:00:06 | We hereby inform that the Company's subsidiary Century Ply Singapore Pte. Ltd. has written-off its entire investments its subsidiary P T Century Ply Indonesia. Consequently, P T Century Ply Indonesia has also ceased to be a step-down subsidiary of Century Plyboards (India) Ltd. (CPIL) with effect from 5th April, 2018.
P T Century Ply Indonesia was incorporated with the object of exploring the possibilities of trading in timber, manufacturing and trading in plywood, etc. in Indonesia. However, after a detailed analysis of the current industrial and marketing scenario in Indonesia, the proposition has not worked out to be presently viable.
P T Century Ply Indonesia has not made any business turnover since its incorporation and its net-worth constituted only a negligible part of the consolidated net worth of CPIL. Further, writing-off of the aforesaid investments by Century Ply Singapore Pte. Ltd. would have no material implication on its functioning or that of CPIL. |
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