By: IPP Bureau
Last updated : February 17, 2024 10:14 am
The restructuring aims to create synergies across the business and strengthen capital structure
The Board of Directors of Bliss GVS Pharma Limited at its meeting held on February 16, 2024 has inter-alia approved an internal restructuring of foreign subsidiaries of the company.
Change in ownership by way of transfer of the entire equity stake of Asterisk Lifesciences (GH) Limited held by Asterisk Lifesciences Limited (UK), a wholly-owned subsidiary of the company to Bliss GVS International Pte. Ltd. (Singapore), a wholly-owned subsidiary of the company.
Voluntary closure of Asterisk Lifesciences DRC, a step-down subsidiary of the company in the Democratic Republic of Congo, under the applicable laws of the Democratic Republic of Congo due to macroeconomic business scenarios.
Conversion of the loan including interest granted by the company to Bliss GVS International Pte. Ltd., Singapore a wholly owned subsidiary of the company into equity shares of BGIPL.
The restructuring aims to create synergies across the business and strengthen capital structure. This will establish a leaner structure of the company at the group level without any change in ultimate ownership of the company over the subsidiaries.