Time Technoplast buys out Egypt JV firm for USD 900K

Packaging firm Time Technoplast today said it has bought out the remaining 50 per cent stake in a joint venture in Egypt for USD 9,00,000.
The company had set up a 50:50 JV with local partner in Egypt for manufacture of drums, jerrycans and pails at Suez in Egypt.
"The local partner desires to focus on its other business. Pursuant to the company's preference for 100 per cent ownership to drive growth, we offered to purchase balance 50 per cent equity held by the local partner at USD 900K as against the investment of USD 600K which has since been agreed upon by both sides," Time Technoplast said in a filing to the BSE.

This will pave way for the company to grow in Egypt and prepare for entry into large packaging market in West Africa when investment is favourable," the filing added.
Further, Time Technoplast has also sold its 50 per cent stake in a joint venture with a Chinese partner in South China. The deal value is around USD 1.3 million.
"Since this JV had fallen short of expectations in growth and profitability, the company has decided to sell its 50 per cent equity to Mauser," the filing added.
Shares of Time Technolopast closed at Rs 51.60, up 4.67 per cent over previous close on the BSE.