PDS Cuts Stake in Hong Kong-based Subsidiary
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Apparel manufacturer PDS has reduced its shareholding in Hong Kong-based subsidiary Nor Lanka Manufacturing to 90.5%, according to a Thursday filing to the Indian bourses. The stake reduction from 100% was a result of Nor Lanka issuing and allotting equity shares to employees of the PDS Group. The issuance and allotment have been approved by relevant Hong Kong regulators.
Apparel manufacturer PDS has reduced its shareholding in Hong Kong-based subsidiary Nor Lanka Manufacturing to 90.5%, according to a Thursday filing to the Indian bourses.
The stake reduction from 100% was a result of Nor Lanka issuing and allotting equity shares to employees of the PDS Group.
The issuance and allotment have been approved by relevant Hong Kong regulators.
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