In order to create a seemless international distribution arm and consolidate distribution operations across North America and the European region, Himatsingka Seide has informed that the Board of Directors at their meeting held on November 26, 2018 at the Registered Office of the company approved to dis-invest 100% holding in Himatsingka Europe, 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 will consequentially become a wholly owned step down subsidiary of Himatsingka Seide under existing wholly owned subsidiary Himatsingka Holdings NA Inc. The disclosure for the proposed sale is enclosed hereto as Annexure A; and 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.
The above information is a part of company’s filings submitted to BSE.
