SIS has signed definitive agreement for purchase of 49.99% shareholding of Terminix SIS India, a subsidiary of the Company. Currently, SIS and SVM Services (Singapore) (SVM) are the shareholders of Terminix and own 50.01% and 49.99% respectively.
SVM has agreed to sell and SIS has agreed to purchase from SVM, 100% of the shares held by SVM in Terminix (49.99%) for an aggregate consideration of $100,000 (equivalent to approximately Rs 77,50,000). Considering the long-term potential in the pest management business, the Board of SIS has decided to purchase all the shares held by SVM in Terminix. With this transaction, Terminix will become a wholly owned subsidiary of the Company.
SIS provides security, facility management and cash logistics services, which are essential to the functioning of a vibrant and healthy economy.
