Hazoor Multi Projects has divested its entire shareholding of Aambev Valley Mountains, a non material, wholly owned subsidiary of the company. The company has taken this step pursuant to the consent accorded by the board. Consequently, Aambev Valley Mountains has ceased to be subsidiary of the company with immediate effect.
The aforesaid divestment of holding will have no bearing on the performance/ operation of the company as the said subsidiary did not start any commercial operations and it could not generate any revenue and it was a non material subsidiary of the company in terms of Clause 49 of the Listing Agreement.
Hazoor Multi Projects is engaged in executing and developing elite schemes including a multi-storey residential tower.
