Joint Venture16 Jul 2025, 12:43 pm
Everest Kanto Cylinder Ltd Exits Hungarian Joint Venture for Seamless Gas Cylinders
AI Summary
Everest Kanto Cylinder Ltd has announced its exit from a Hungarian joint venture, EKC Europe Zrt., through the sale of its 80% shareholding to its joint venture partner, Rév Gazipari Kft., and its associates Rév Group Holding Zrt. and Rév Andras. The decision comes in view of the geopolitical situation in the region. The share capital will be reduced to consolidate the losses and for increasing other capital components. Post transfer of shareholding, appropriate resolutions will be passed to change the name of the transferred company to not use the name of EKC in future.
Key Highlights
- Everest Kanto Cylinder Ltd exits Hungarian joint venture, EKC Europe Zrt.
- 80% shareholding sold to joint venture partner, Rév Gazipari Kft., and its associates
- Decision due to geopolitical situation in the region
- Share capital to be reduced to consolidate losses and increase other capital components
- Appropriate resolutions to be passed to change the name of the transferred company post-transfer