Lakshmi Machine Works incorporates wholly-owned subsidiary in UAE; Stock down 1%

16 Feb 2022 , 11:42 AM

Lakshmi Machine Works Limited has incorporated a wholly-owned subsidiary company named “LMW Middle East FZE” on February 4, 2022, the incorporation documents for which were received on Tuesday, the company said in a filing.

LMW Middle East FZE is located at Jebel Ali Free Zone, Dubai, United Arab Emirates.

The company has paid an amount of AED 2,470,500/- for a subscription of the 24,705 shares of AED 100/- each of LMW Middle East FZE. 100% of the capital in LMW Middle East FZE is held by Lakshmi Machine Works Limited.

“Incorporation of a wholly owned subsidiary in UAE is to enable selective focus on the middle east market and other export markets of Lakshmi Machine Works Limited,” company said in a filing on Tuesday.

At around 11.44 am, Lakshmi Machine Works Ltd was trading at Rs10,718.50 per share down by Rs116.75 or 1.08% from its previous closing of Rs10,835.25 per share on the BSE.