Weagro Limited Board Approves Singapore Subsidiary, Dubai Branch

The Board considered and approved the following items:

Approval: The board approved the proposal to incorporate a wholly-owned subsidiary (WOS) in Singapore named WEAGRO PTE LTD.
Purpose: The object is to explore and capitalize on business opportunities available in the Singapore market and to expand the company's existing agro products business operations there.
Industry: The subsidiary will operate in the Agro Products industry, which is within the main line of business of Weagro Limited.
Investment & Ownership: The company will subscribe to 100% of the paid-up share capital of the subsidiary. The initial investment shall be up to SGD 100,000 (Singapore Dollars One Lakh only), which may be remitted in one or more tranches.
Consideration: The consideration shall be discharged in cash and remitted through normal banking channels.
Regulatory Compliance: The investment is permissible under the automatic route of the Foreign Exchange Management (Overseas Investment) Rules/Regulations, 2022. The company will comply with these rules and any approvals required from competent authorities in Singapore for the incorporation.
Timeline: The acquisition is expected to be completed within two months from the date of the board decision, subject to obtaining statutory approvals.
Related Party Transaction: The acquisition is not a related party transaction, and promoters/promoter group/group companies have no interest in the entity being acquired.

Approval: The board approved setting up a Branch Office in Dubai, United Arab Emirates (UAE).
Condition: This approval is subject to obtaining necessary approvals from the relevant authority.

Approval: The board approved shifting the place of maintenance of Books of Accounts and other relevant records.
From: New No. 31, Lazarus Church Road, RA Puram, Chennai – 6000028
To: The Registered Office of the company at No. 17/9, Crescent Avenue, Kesavaperumalpuram, RA Puram, Chennai - 6000028.