At meeting held on 04 July 2015
Prozone Intu Properties announced that the Company has received a request for consent from Prozone Liberty International, an entity incorporated at Singapore (PLIL-S), a wholly owned subsidiary of the Company.PLIL-S has received an offer to subscribe to shares in the rights issue of Empire Mall, (EMPL Rights Issue), a step down subsidiary of the Company in India.
PLIL-S is contemplating to subscribe to only part of its entitlement of rights shares in the EMPL Rights Issue.
Such part participation of PLIL-S in the EMPL Rights Issue may lead to passive dilution (without disposing of existing shareholding) of the PLIL-S shareholding in EMPL below 50% or PLIL-S ceasing to exercise control over EMPL.
The Board of the Company by way of circulation on 04 July 2015 decided to grant such consent for partial non-participation by PLIL-S in the EMPL Rights Issue, subject to receipt of consent of the shareholders of the Company.
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