Penny Stock Below Rs 10 Cut Debt By 24% On Repaying Rs. 260 Million: Do You Own?

East West Holdings Ltd. saw positive trading at Rs. 6.05 per share after announcing that it had repaid Rs. 260 million to the bankers, reducing overall debt by 24% as part of a pre-established debt reduction programme that aims to eventually free the company of all debt.

At a meeting on June 24, 2021, the Board of Directors of the company decided to sell off a portion of its property, which is located at "Time Square" Village Marol, Andheri Kurla Road, Andheri East, Mumbai - 400059. The proceeds from the sale will be used to pay off the company's bank and financial institution loans, reduce its debt by 20% to 30%, and improve its debt-to-equity ratio.

The Managing Director & CEO Mr. Ajaz Shafi Mohammed said "I am happy and proud to announce that with our relentless effort for the past 2 years we have successfully managed to achieve 24% Reduction of Overall Debt of the Company, which in ttself is an achievement, this will not only improve the Debt-to-Equity ratio but our overall financial position of the Company. This accomplishment emphasis the dedication and determination of the Management of the Company to make the business debt free over a period of time."

"The coming years is going to be fantastic 'year for the Company in terms of growth and expansion of the business of the Company. The improvement in financial of the Company will encourage the Management of the Company to focus on implanting its growth plan-and improve its revenue and profits thereby adding value to our investors and stakeholders. I am grateful to our dedicated team and to our stakeholders for their continuous support and encouragement," he further added.

Through subsidiary WOS East West Freight Carriers Limited (EWFCL), East West Holdings Limited (EWHL) provides comprehensive logistic solutions. EWFCL was founded in 1976 and has been a major player in the Indian freight forwarding and logistics industry for more than 45 years.