International Conveyors Limited — Important, 13-02-2025: Updates

The Board of Directors has approved the closure of Conveyor Holdings Pte. Ltd., a wholly owned subsidiary based in Singapore. This decision comes as the entity has not been operational and primarily holds investments in International Conveyors Australia Pty. Ltd. (ICA) along with loans to ICA. The financial contribution of Conveyor Holdings for the fiscal year ending March 31, 2024, was negligible, with revenues of INR 13.39 crore and a net worth of INR 6.55 crore, contributing only 2.4% to the consolidated net worth of International Conveyors Limited. The closure is expected to be finalized by April 30, 2025. This move streamlines operations as ICL aims to position ICA as a direct subsidiary, potentially enhancing operational efficiency in the Australian market. Investors should consider this development as a step towards consolidating the company's international operations, aiming for a positive outlook moving forward.