Greenlam Asia Pacific Pte. Ltd. has, on May 14, 2019, acquired 100% shares of Decolan SA from Mr. Giovanni lurza, the sole shareholder, and consequently Decolan SA has become a wholly owned (direct) subsidiary of Greenlam Asia Pacific Pte. Ltd. and a wholly owned (step-down) subsidiary of Greenlam Industries Limited.
The final consideration for the said acquisition of 100% shares of Decolan SA is CHF 1 and additionally Greenlam Asia Pacific Pte. Ltd. has committed to take appropriate steps to release the guaranty up to Euro 575,000 given by Mr. Giovanni lurza to the banker of Decolan SA in connection with the credit facility being availed by Decolan SA.