The Board of Directors has decided to acquire a newly incorporated entity in Dubai (UAE) as a wholly owned subsidiary.
SKYGOLD · price
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Sky Gold and Diamonds has decided to acquire a newly incorporated entity named M/s. SKY SOUK JEWELLERY TRADING L.L.C in Dubai as a 100% wholly owned subsidiary. The proposed capital of the target is approximately INR 12 Lakhs, and the acquisition is being done through 100% cash subscription at face value. The company earlier planned to set up a new B2B office in Dubai but switched to acquiring an existing entity to gain faster access to the UAE market. The new subsidiary will focus on promoting the company's products and serving local clients across the Middle East. The deal is expected to complete within 2-3 months, subject to general trade license approvals.
This is a small, low-cost strategic move aimed at boosting export revenue from the Middle East. Since the deal size is minimal (INR 12 Lakhs) and the target has not yet started business, the immediate financial impact is negligible, but it signals management's focus on expanding internationally.