New Delhi, Mar 27 (PTI) KEC International today said its JV in Saudi Arabia has become a subsidiary of the company on acquisition of additional shares.
The company held 49 per cent of the share capital of Al Sharif Group and KEC Ltd Company (Al Sharif JV), a joint venture of the company located in Saudi Arabia, the company said in a filing to the BSE.
“Al Sharif JV has now become a subsidiary of the company pursuant to acquisition of additional 6,300 shares representing 2.10 per cent of the total share capital of Al Sharif Group and KEC Limited Company,” it said.
After acquiring 6,300 shares, the company’s stake in the JV rose to 51.10 per cent.
It added, “The company has acquired additional 6,300 shares of SAR 10 each in Al Sharif Group and KEC Limited Company thereby increasing the stake from the 49 per cent to 51.10 per cent.”
This is published unedited from the PTI feed.