Corporate Action28 Apr 2026, 03:25 pm
IP Rings & Nippon Piston Ring mutually terminate 1995 collaboration
AI Summary
IP Rings Ltd (IPR) and Nippon Piston Ring Co., Ltd. (NPR) have mutually agreed to terminate their Share Subscription and Business Collaboration Agreement, originally executed in December 1995, and their Technical Assistance Agreement, in place since 1991. This decision stems from NPR's corporate reorganization in Japan. NPR currently holds 704,200 equity shares, representing 5.56% of IPR's total share capital. Despite the termination, IPR will continue to benefit from the technology provided by NPR over the years without any royalty obligations. Furthermore, NPR will support IPR by providing access to new technologies, including PVD coating and advanced oil ring technologies, for future applications.
Key Highlights
- IP Rings and Nippon Piston Ring mutually terminated their 1995 collaboration agreement.
- The 1991 Technical Assistance Agreement was also terminated due to NPR's reorganization.
- NPR holds 5.56% equity shares in IP Rings Ltd.
- IPR will retain existing technology benefits without royalty obligations.
- IPR will gain access to new PVD coating and advanced oil ring technologies from NPR.