Isgec Heavy Engineering Limited has informed the Exchange about update on revised timeline for completion of the transaction of Sale/Disposal of Step-Down Subsidiaries.
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Isgec Heavy Engineering has informed exchanges that the sale of its step-down subsidiaries under the Bioeq Energy group (entities in Cayman Islands, Singapore, Netherlands, and the Philippines) is facing further delays. The deal, originally agreed on December 9, 2024 with buyer Triumph Excel Limited, was expected to close by July 15, 2025 but will now be pushed to on or before September 15, 2025. The delay is due to the buyer's procedural issues in securing approvals and funds from its bankers. Once completed, seven entities (including Bioeq Energy Holdings One, Cayman Islands, and several Philippines-based biofuel companies) will cease to be step-down subsidiaries of Isgec. The company has described these as non-material subsidiaries and noted this is a continuation of earlier disclosures from December 2024, March 2025, and May 2025.
The transaction is still progressing but with another two-month delay, which may cause short-term uncertainty around the receipt of sale consideration. Since these are described as non-material subsidiaries, the financial impact on Isgec is expected to be limited, but completion timing will affect cash inflow expectations.