Centum Electronics’ board has approved the proposal for further investment in Centum Adetel Group (CAG) SA. With the proposed investment, Centum Electronics’ stake in CAG will increase from the current level of 77.77% to 90.1%. Further, the said investment will be done through Centum Electronics UK, a wholly owned subsidiary of the Company, subject to necessary approvals.
This additional investment is pursuant to the Shareholders’ Agreement executed with the Management and Employee Shareholders of Centum Adetel Group, whereby the Management and Employee Shareholders were granted the right to require the Company to purchase all or part of the shares owned by them at the relevant Put Option price pursuant to this Agreement. As stated above, this additional investment will be pursuant to the terms of Shareholders’ Agreement and the transaction is expected to be completed by April 2023. The Board of Directors at their Meeting held on November 9, 2022, has approved the same.
Centum Electronics is basically engaged in designing and manufacturing of advanced electronics systems, subsystems, and components.
