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Craftsman Automation has executed a contribution, share
sale and purchase agreement for the acquisition of 25,000 equity shares representing 100% of the share capital of INOS 24-004 GmbH (the German Holdco). The German Holdco has a wholly owned subsidiary, namely INOS 24-003 GmbH (the German Sub) also incorporated in Germany.
With the acquisition, the German Holdco is now a wholly-owned foreign subsidiary of the Company and the German Sub a wholly owned step down subsidiary of the Company.
Accordingly, the Company has acquired control over the German Holdco and German Sub.
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