Elitecon International Ltd. to Reverse Sunbridge Agro Private Limited Acquisition Due to QIP Incompletion

Elitecon International Ltd. has announced that its Board of Directors will meet on 27/02/2026 to consider and approve the reversal of the acquisition of Sunbridge Agro Private Limited. The acquisition, which was initiated in September 2025, was intended to be partially funded through a Qualified Institutional Placement (QIP). However, due to the company's inability to complete the QIP and fulfill payment obligations within the stipulated timelines, the Board will evaluate a proposal for reversal or settlement of the acquisition transaction. The meeting will also consider the resignation of Executive Director Mr. Dayanand Ray.