Quicktouch Technologies In Focus As Board Okays Acquisition of 100% Stake In UAE-Based Company

Quicktouch Technologies a small-cap company in the IT sector is likely to be in focus as the Board of Directors in its meeting held on Thursday, February 29, 2024, has approved the acquisition of a 100% stake in Grenew FZE, a company incorporated in UAE.

"The board of directors is contemplating a shift towards investing in Grenew FZE, recognizing it as a superior investment opportunity aligned with the company's interests. Consequently, they are leaning towards discontinuing the acquisition of Pinnacle and in the same meeting, the Board of Directors withdraw their approval, granted in the board meeting held on January 5, 2024, for acquisition of 30% stake in Pinnacle Group FZ LLC, a Company incorporated in UAE," said Quicktouch Technologies in a regulatory filing.

The investment in securities has been made for cash consideration to acquire 150 shares at 1,000 AED per share each, which means that Quicktouch Technologies will have a 100% stake in Grenew FZE by virtue of this acquisition. On or before March 2025 is the anticipated time period for completion of the acquisition.

"Acquiring Grenew FZE, a leading company specializing in electronics refurbishment and E-Waste recycling, offers Quicktouch Technologies strategic advantages. With a prime location, advanced infrastructure, and established market presence, the acquisition enhances Quicktouch's capabilities in sustainable practices, expands its market reach, and diversifies revenue streams, ensuring long-term growth and profitability," the Board of Directors said in a stock exchange filing.

QuickTouch is the one-stop IT Company for business IT solutions and services. During Q3FY24, the company reported promoters' stake of 65.74% and a public stake of 34.26%. The scrip reached a 52-week-high of Rs 274.00 on (26-Oct-2023) and a 52-week-low of Rs 92.00 on (02-May-2023).