Elitecon International Limited (BSE:539533) agreed to acquire Prime Place Spices Trading L.L.C from Santosh Sharma for approximately AED 390 million on July 9, 2025. The consideration consists of 72.73 million common equity of Elitecon International Limited to be issued for common equity of Prime Place Spices Trading L.L.C. A cash consideration of AED 128.44 million will be paid by Elitecon International Limited. The cash consideration of AED 128.44 million would be funded through Qualified Institutions Placement.

For the period ending December 31, 2024, Prime Place Spices Trading L.L.C reported total revenue of AED 160.15 million.

The deal has been approved by the board of directors of Elitecon International Limited. The transaction is subject to subject to necessary regulatory approvals under the laws of the United Arab Emirates. The expected completion of the transaction is up to 6 months.

Elitecon International Limited (BSE:539533) terminated the acquisition of Prime Place Spices Trading L.L.C from Santosh Sharma on July 16, 2025.