Commercial Syn Bags Limited (BSE:539986) entered into agreement to acquire 49% stake in Smartlift Bulk Packaging Ltd. from Trevor William Bland and Rebecca Lucy Bland for £2.1 million on December 21, 2023. Under the term of agreement, Commercial Syn Bags acquire 500 Shares of £1 each constituting aggregate 50% of Share Capital of Smartlift Bulk Packaging Limited for a consideration of £21,75,000. Payment of purchase consideration will be made as per the agreement in compliance with the applicable rules and regulations of RBI/FEMA. 3 months from the date of signing of this agreement for 49% stake i.e. acquisition of 490 shares of the target company. Future 1% stake i.e. 10 shares on or after 1 year from the date of completion of acquisition of 49% stake. Consideration for acquisition of initial 49% stake is £21,31,500 and Future 1% stake is £43,500 thereby making the total consideration to £21,75,000 with the provision of roll back investment of £2,30,000 by Trevor Bland into the acquirer company (Commercial Syn Bags Limited).

For the year ending December 31, 2022, Smartlift Bulk Packaging had profit after tax as £5,05,090 and Revenue from Operations as £90,27,155.

Commercial Syn Bags Limited (BSE:539986) completed the acquisition of 49% stake in Smartlift Bulk Packaging Ltd. from Trevor William Bland and Rebecca Lucy Bland on March 7, 2024.