Everest Kanto Cylinder announced that in view of the geopolitical situation in the region, EKC International FZE, Dubai (EKC FZE) a wholly owned subsidiary of the Company did not pursue setting up the manufacturing facility for seamless high pressure gas cylinders in Hungary.
To consolidate the losses and take exit from the Hungary project, EKC FZE therefore, has signed a Share Purchase Agreement for sale of its 80% shareholding in the Joint Venture (JV), EKC Europe Zrt., Hungary with its JV partner in Hungary, R Gipari Kft. and its associates R Group Holding Zrt. and R Andr. The Parties agreed and fixed the price of shares at 96000 EUR. The Buyers shall purchase the shares in the proportion as under: - R Andr- 37.5% - R Group Holding Zrt.- 37.5% - R Gipari Kft. 25%;
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