Sumitomo Chemical India board approves closure of Tanzania subsidiary
General

Sumitomo Chemical India board approves closure of Tanzania subsidiary

The proposed winding up/closure is subject to legal/regulatory and other processes and procedures under the laws in Tanzania

  • By ICN Bureau | February 02, 2024

Sumitomo Chemical India board gives in-principle approval for winding up/closure of Excel Crop Care (Africa) Limited, the company’s Tanzania-based subsidiary, in which it holds 99.9% of the equity shares.

The proposed winding up/closure is subject to legal/regulatory and other processes and procedures under the laws in Tanzania.

Excel Crop Care (Africa) Limited is an unlisted ‘non-material’ subsidiary. It does not have any significant business or commercial activities and has been incurring losses for the past two years. The subsidiary has been acting as the company’s agent for facilitating the business in some countries in East Africa. The company is making alternative arrangements for representation in the East Africa region. The subsidiary has no material financial liability on its balance sheet and has a positive net worth.

The proposed winding up/closure of Excel Crop Care (Africa) Limited is not likely to impact the business, commercial activities, financial position and the financial statements of the company/group in any material manner.


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