Updater Services to Close Two Step-Down Subsidiaries

Updater Services Limited has announced the proposed voluntary closure of its wholly-owned step-down subsidiaries, Denave Europe Limited and Denave Korea Limited. This decision, made by its material subsidiary Denave India Private Limited, aims to refocus the group on more promising opportunities. The closure process will adhere to applicable laws and regulations in the respective jurisdictions. The company stated that this action will not have a material financial impact on its consolidated books. Denave Europe Limited contributed INR 19.23 Million (0.07%) to total turnover and INR 18.17 Million (0.17%) to net worth. Denave Korea Limited contributed INR 115.50 Million (0.39%) to total turnover and INR 22.37 Million (0.22%) to net worth, based on the last financial year's consolidated figures.