Proposed Incorporation of a Wholly owned subsidiary (WOS)
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Jaysynth Orgochem Limited's Board of Directors has approved the incorporation of a Wholly Owned Subsidiary (WOS) in Hong Kong. The new subsidiary will support the company's trading activities, specifically for procurement functions and export opportunities. The WOS will operate in the chemicals and inkjet printers and accessories industry. Jaysynth will subscribe to 100% of the initial paid-up share capital in cash. The company requires approvals from Hong Kong Companies Registry, Hong Kong Inland Revenue Department, and RBI under Foreign Exchange Management (Overseas Investment) Rules, 2022.
This is a strategic expansion move to facilitate international trading and exports. The WOS will be fully consolidated into Jaysynth's financials with no impact on shareholding structure. This could benefit shareholders by improving procurement efficiency and expanding export reach.