International Conveyors has received an approval to purchase equity shares of a newly incorporated entity under the laws of the Republic of Singapore, Conveyor Holdings (CHPL). The board of company at its meeting held on March 25, 2013 has authorized the company for the same.
CHPL in turn owns 100% shareholding of International Conveyors Australia (ICA), another newly incorporated entity under the laws of Australia. The company proposes exploring opportunities for its products in the Australian market, through ICA. Subsequent to the acquisition, CHPL and ICA would become a wholly owned subsidiary of the company.
International Conveyors is engaged in manufacturing and marketing of solid woven fabric reinforced PVC impregnated and PVC covered fire retardant, anti static conveyor belting.
