ISGEC Heavy Engineering Delays Subsidiary Sale Transaction Due to Buyer's Procedural Delays

ISGEC Heavy Engineering Ltd. has updated the timeline for the completion of the sale of its step-down subsidiaries. The transaction, initially expected to be completed by May 10, 2025, is now anticipated to be completed by September 15, 2025. The delay is primarily due to procedural delays faced by the buyer in obtaining approvals and funds from their bankers. The companies ceasing to be step-down subsidiaries and associate company include Bioeq Energy Holdings One, Cayman Islands; Bioeq Energy Pte. Ltd, Singapore; Bioeq Energy B.V., Netherlands; Bioeq Energy Holdings Corp., Philippines; Bukid Verde Inc., Philippines; Cavite Biofuels Producers Inc., Philippines; and Penwood Project Land Corp., Philippines. ISGEC Heavy Engineering will keep stakeholders informed and provide updates as the situation progresses.