Hemas Holdings PLC has sold 100% of the issued shares of each of Forbes Air Services (Private) Limited (FAS), Hemas Air Services (Private) Limited (“HAS”), Hemas Aviation (Private) Limited (“HAV), Hemas Travels (Private) Limited (“HTR”) and Discover The World Marketing (Private) Limited (“DTWL”) to Hemtours (Private) Limited (which is a wholly owned subsidiary of the Company) for a consideration of over Rs 1,490 million.
The Company has also purchased 7,500,000 ordinary shares of Hemas Development (Private) Limited (amounting to 32% of its issued share capital) from Hemtours (Private) Limited for a consideration of over Rs.415 million.
Consequent to the said transactions, the Company has been issued 4,796,342 shares of Hemtours (Private) Limited. The resultant position is that, FAS, HAS, HAV, HTR and DTWL are wholly owned subsidiaries of Hemtours (Private) Limited and both Hemtours (Private) Limited and Hemas Development (Private) Limited are wholly owned subsidiaries of the Company.
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