The Board of Directors of Sky Gold and Diamonds Limited has considered and approved the acquisition of an entity in Dubai (UAE) instead of incorporating a new entity to have faster access to the UAE market.We hereby inform you that on Tuesday, 24th June 2025, the Board of Directors has decided to acquire a legal entity as a wholly owned subsidiary in Dubai (UAE) to strengthen its exports to the Middle East. Since the company's incorporation process was time-consuming, the Company's Board of Directors decided to acquire a newly incorporated entity as a wholly owned subsidiary.
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Sky Gold and Diamonds Limited's board has approved acquiring a newly incorporated entity in Dubai — M/s. SKY SOUK JEWELLERY TRADING L.L.C — as a 100% wholly owned subsidiary, rather than going through the slower process of incorporating a new company. The proposed capital of the target is around INR 12 Lakhs, and the company will subscribe to 100% of the share capital in cash at face value, with the deal expected to close in 2-3 months. The target has not yet started operations, and only general trade licenses from UAE authorities are needed. The purpose is to strengthen exports, promote products, and improve client communication across the Middle East.
A small-ticket, fully cash-funded international expansion move that gives Sky Gold a faster foothold in the UAE jewellery market. It signals management's focus on export growth, but the financial impact is likely minor in the near term given the tiny capital outlay and the entity being pre-revenue.