Key Event and Approvals

The Audit Committee of Smartworks Coworking Spaces Limited, in its meeting held on 25th June 2026, approved the proposed acquisition of WorkStudio Spaces Pte. Ltd., Singapore ("WorkStudio") by Smartworks Space Pte. Ltd., a wholly owned subsidiary of the Company. The Board of Directors of the Company, at its meeting held on the same day (25th June 2026), took note of this approval. The board meeting commenced at 04:10 PM (IST) and concluded at 05:00 PM (IST).

Upon completion, WorkStudio will become a step-down subsidiary of Smartworks Coworking Spaces Limited.

Transaction Details

  • Target Company: WorkStudio Spaces Pte. Ltd., Singapore
  • Acquiring Entity: Smartworks Space Pte. Ltd. (Wholly Owned Subsidiary of Smartworks)
  • Industry of Target: Flex Space Provider
  • Percentage Acquired: 100% ownership
  • Consideration Type: Cash
  • Related Party Status: The transaction falls within related party transactions as an immediate relative of one of the Directors (also a promoter) of Smartworks holds an interest in the holding company of WorkStudio. However, the transaction is being carried out at "arm's length".
  • Government Approvals Required: Not Applicable (N.A.)
  • Expected Completion Timeline: July 2026, subject to requisite approvals and completion of execution of concerned transaction documents by the Wholly Owned Subsidiary.

Purpose and Strategic Impact

The acquisition aims to strengthen Smartworks' presence in Singapore by expanding its coworking and flex space portfolio in this key international business hub. Upon completion, Smartworks' portfolio in Singapore will grow to four centers with approximately 76,000 sq. ft., more than doubling its footprint over the past two years. This expansion will enhance its market presence, improve its ability to serve enterprise clients, and support long-term growth in Asia.

Background on Target Entity

WorkStudio Spaces Pte. Ltd. was incorporated in Singapore on 20th November 2024. The company is engaged in the business of providing flexible workspace solutions, managed office spaces, and related services, primarily operating in Singapore.

Financial Details of Target

  • Turnover for FY ending 31st March 2026: INR 5.09 Crores (since incorporation)
  • Turnover for 2nd Last FY: Not Available (N.A.)
  • Turnover for 3rd Last FY: Not Available (N.A.)

Cost of Acquisition

The specific cost of acquisition or price at which shares are acquired is not quantified in this disclosure. The filing states that as this is an in-principle approval by the holding company, further details are subject to further negotiation and closure of the transaction documents with the target company.

Additional Information

The information will be hosted on the company's website at https://www.smartworksoffice.com/investors/.