MPS Ltd board approves acquisition

The Board of directors of MPS Ltd in its meeting held today (i.e. July 1, 2020) considered and approved the purchase of 100% shares of HighWire Press Limited based at Northern Ireland by its wholly owned subsidiary company MPS North America LLC , USA. This acquisition will be done as per the Stock Purchase Agreement to be executed between MPS NA LLC and HighWire UK Holdings LLC, USA ('Seller'). The Seller holds 100% of the NI Entity. NI Entity also owns 100% shareholding of Semantico Limited ('UK Entity'). This acquisition is being done at a purchase price of USD 1,000,000.

The Board in its meeting held today (i.e. 1st July, 2020) also considered and approved to acquire the US business of HighWire Press, Inc. for a consideration of USD 6,100,000. The acquisition will be completed through the Company's US branch and newly incorporated wholly owned subsidiary in Delaware, USA, HighWire North America LLC and to invest as initial capital up to USD 250,000 in HighWire NA LLC.

Shares of MPS LTD. was last trading in BSE at Rs.284.85 as compared to the previous close of Rs. 279.7. The total number of shares traded during the day was 3616 in over 234 trades.

The stock hit an intraday high of Rs. 288 and intraday low of 267. The net turnover during the day was Rs. 1008539.

Source : Equity Bulls

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