Alufluoride Limited to divest subsidiary in Jordan

The Board of Directors of Alufluoride Limited at its meeting held today i.e. 10th June, 2024 have approved disinvestment/winding up of Jordanian Renewable Aluminium Fluoride Manufacturing Company P.S.C. (Jordan Company), a step down subsidiary company in The Hashemite Kingdom of Jordan. This has been decided considering the geo-political instability in the Middle East and the fact that the step-down subsidiary has not commenced its business operations till date. The Board has also suggested the project team to explore opportunities in other domestic international markets.

At present, the decision for disinvestment/winding is at a primary stage and the same shall be discussed further with the JV Partners by Alufluoride International Pte. Ltd., Singapore, subsidiary company. The closure shall be subject to compliance of laws prevailing in The Hashemite Kingdom of Jordan.

Shares of ALUFLUORIDE LTD. was last trading in BSE at Rs. 549.65 as compared to the previous close of Rs. 516.15. The total number of shares traded during the day was 38159 in over 850 trades.

The stock hit an intraday high of Rs. 561.00 and intraday low of 513.00. The net turnover during the day was Rs. 20937737.00.

Source : Equity Bulls

Keywords

ALUFLUORIDE INE058F01019 Divestment WindingUp Subsidiary