| The Board of Quess Corp at its meeting held on 22 December 2023 has approved the proposal for restructuring of overseas subsidiaries by way of acquisition of 56% stake in Mfxchange Holdings Inc., Canada (MFX), a wholly-owned step-down subsidiary of the Company from Quesscorp Holdings, Singapore, a wholly-owned subsidiary.
The proposed restructuring will result in simplification of structure of the Company without any change in ultimate ownership of the Company over the said subsidiary.
Upon consummation of the aforesaid transactions, MFX would become a direct subsidiary of the Company.
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