Kundan Minerals and Metals Limited has informed the Exchange regarding Acquisition by Foreign Subsidiary under Regulation 30 of SEBI (LODR) Regulations, 2015
Awaiting price reaction for this filing.
Kundan Ventures FZCO, a foreign subsidiary of Kundan Minerals and Metals Limited, has acquired a 99% stake in West Africa Exploration & Mining, Mauritania, making it a step-down subsidiary of the listed company. The acquisition was completed for 99,000 MRU (approximately $2,500 USD at current rates), paid in cash. The target company was incorporated in August 2025 and has NIL turnover for 2025. The deal is not a related party transaction and was sourced from an unrelated third party. The stated objective is expanding the company's international presence, and the acquisition falls within the same core business line (mining of minerals). Approvals under applicable country laws are required.
The acquisition is very small in absolute value and the target has no revenue, suggesting limited near-term financial impact. However, it signals strategic intent to expand into West African mining, which could be positive for long-term growth prospects if the asset proves viable.