GOCL Corp spurts as UK subsidiary to pare stake in Quaker Chemical

GOCL Corporation soared 11.08% to Rs 207 after the company said its UK subsidiary will garner about Rs 257 crore by paring stake in Quaker Houghton.

GOCL Corporation, through its UK subsidiary, namely HGHL Holdings (HGHL), has beneficial interest in 4,27,395 shares of common stock of Quaker Chemical Corporation/Quaker Houghton, USA. GOCL Corporation investment in HGHL is GBP 1,00,000.

The board of directors of HGHL at its meeting held on 18 September 2020, decided to divest 2,00,000 shares of Quaker Houghton, at a price of $175 per share. The total value of the divestment will be $35 million (approximately Rs 257 crore) when completed. There will be no tax implication on HGHL under the transaction. The announcement was made before market hours today, 21 September 2020.

GOCL Corporation's consolidated net profit surged 209.4% to Rs 18.13 crore on a 20.8% decline in net sales to Rs 105.47 crore in Q1 June 2020 over Q1 June 2019.

GOCL Corporation, formerly Gulf Oil Corporation, is engaged in the provision of explosive accessories (detonators) (for mining and industrial use); mining and infrastructure, and realty. The company's segments include energetics, mining and infrastructure contracts, realty, lubricating oils and others.

Powered by Capital Market - Live News