PC Jeweller Limited has announced the incorporation of a new step-down subsidiary, PCJ Mining SARL, in the Republic of Chad. This entity, wholly-owned by PCJ Gems & Jewellery Limited, is established for the extraction of precious metal ores. The subsidiary has an initial paid-up capital of 10,00,000 CFA FRANCS and has not yet commenced business operations. The controlling stake is held by the group, marking a strategic move into upstream activities.
Establishment of Step Down Subsidiary
PC Jeweller Limited formally informed exchanges regarding the incorporation of a new subsidiary through its wholly-owned subsidiary, PCJ Gems & Jewellery Limited. The newly established entity is named PCJ Mining SARL and has been incorporated in the Republic of Chad.
Details of the New Entity (PCJ Mining SARL)
- Paid-up Share Capital
- 10,00,000 CFA FRANCS
- Turnover
- Nil, as it has yet to commence business operations.
- Industry Focus
- The primary business activity involves the extraction of precious metal ores, including mining, mineral exploration, quarrying, production, refining, and marketing of mineral products.
Ownership and Control Structure
The acquisition structure confirms that PCJ Gems & Jewellery Limited, the direct subsidiary of the Listed Company, holds a controlling stake of 66% share capital in PCJ Mining SARL. The document confirms that this incorporation does not constitute a related party transaction, and no promoter or promoter group entity has an interest in the acquired entity.
Acquisition Timeline and Cost
Since this is a fresh incorporation, the acquisition cost is listed as Not Applicable. Similarly, the indicative time period for completion of the acquisition is also Not Applicable.
Source: BSE
