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Mastek Ltd.

BSE: 523704 Sector: IT
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Mastek Limited - Acquisition

April 1, 2020, 12:00 am | Source: NSE

Mastek Limited has informed the Exchange about Acquisition of This is further to our intimation letter no. SEC/78/2019-20 dated February 8, 2020, we would like to inform that consequent to the Business Transfer Agreement ( BTA ) signed on February 8, 2020, a new Entity named Mastek Arabia FZ - LLC has been incorporated in UAE as on March 3, 2020 (as a Wholly Owned Subsidiary of Mastek (UK) Limited ) and the second and final consideration of USD 49.4 million (excluding advance of USD 14 million paid earlier) aggregating to total consideration of USD 63.4 million has been fully discharged to the shareholders of the Evolutionary Systems Arabia FZ LLC based on the Conditions Precedent satisfied. Subsequently, the business of Evolutionary Systems Arabia FZ LLC has been acquired as a going concern as per the BTA. It is also notified that owing to the prevalent global epidemic situation, the transfer of shareholding in the below mentioned subsidiaries of Evolutionary Systems Arabia FZ LLC is delayed and both parties are working with each other to ensure completion of the procedural aspects of transfer as soon as practicable. Evolutionary Systems Bahrain SPCEvolutionary Systems Egypt LLCEvosys Kuwait to Design & Processing of Electronic Computer Centers W.L.LEvolutionary Systems Consultancy LLC - UAEEvolutionary Systems Saudi Company (Limited Liability Company)This is for your information and record.