Pursuant to the compliance with Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, ....
Awaiting price reaction for this filing.
BLS International FZE, a subsidiary of BLS International Services Limited, has acquired 99.99% of the share capital of BLS Worldwide Services Inc., a Philippines-based company, making it a step-down subsidiary. The target company was incorporated on April 11, 2022, has a paid-up share capital of PHP 1.05 crore, and currently has nil turnover. The acquisition was made for a cash consideration of PHP 1,04,99,980, and the target operates in the visa and passport processing business, which aligns with BLS's existing line of work. The transaction is not a related-party deal, and no separate regulatory approvals were required. This move extends BLS's footprint into the Philippines market for visa and passport services.
This is a small, early-stage international expansion move for shareholders — the target has no revenue yet but fits BLS's core visa processing business and opens a new geographic market. Likely a modest positive for long-term growth, but the nil turnover means there's no immediate financial impact. No open offer triggered as it's a subsidiary-level acquisition.