Afcons Infrastructure Ltd Approves Subscription to Afcons Contracting Company (Saudi Arabia) Share Capital

Afcons Infrastructure Ltd has passed a resolution on November 23, 2024, approving the subscription to the share capital of Afcons Contracting Company (Saudi Arabia), a newly incorporated entity in the Kingdom of Saudi Arabia. The new subsidiary is engaged in engineering, procurement and construction, focusing on roads, railway lines, utility projects, and road transportation services. The acquisition cost is SAR 900,000 (equivalent to Rs. 2,02,49,837), and Afcons Infrastructure Ltd will hold 9000 (90%) Equity Shares of SAR 100 of the newly formed subsidiary. The acquisition is expected to be completed by March 31, 2025.