Kiri Industries Limited has informed the Exchange about Disclosure under Regulations 30 and 30A read with Clause 5A, Para A, Part A, Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) - Execution of Assignment Agreement by Wholly Owned Subsidiary
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Kiri Industries' wholly-owned subsidiary, Equinaire Holdings Limited, has executed an Assignment Agreement with Maharlika Investment Corporation (Philippines' sovereign wealth fund) to acquire a loan extended to Makilala Mining Company Inc. for the Maalinao-Caigutan-Biyog Copper-Gold Project in the Philippines. The outstanding loan amount is USD 9,764,090.63. The acquisition includes all associated rights, title, interests, and underlying securities. Payment terms involve USD 5,000,000 upfront deposit with balance payable on closing date, expected within 7 business days after a 60-day period. This transaction is designed to secure preferential supply of copper ore/concentrate for Kiri Industries' upcoming copper facility being developed by Indo Asia Copper Limited, marking the group's entry into the upstream copper supply chain.
This strategic move strengthens Kiri Industries' access to critical raw materials by securing copper supply for its upcoming copper processing facility. The transaction has no direct impact on the company's management or control, but represents a forward-looking investment in raw material security.