Maximus International hits new 52-week high as its arm buys additional 49% stake in Quantum Lubricants
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Maximus International is currently trading at Rs. 426.50, up by 4.50 points or 1.07% from its previous closing of Rs. 422.00 on the BSE.
The scrip opened at Rs. 424.50 and has touched a high and low of Rs. 426.50 and Rs. 424.00 respectively. So far 48737 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 426.75 on 16-Sep-2022 and a 52 week low of Rs. 86.25 on 09-May-2022.
Last one week high and low of the scrip stood at Rs. 426.75 and Rs. 395.50 respectively. The current market cap of the company is Rs. 536.20 crore.
The promoters holding in the company stood at 63.63% and Non-Institutions held 36.37%.
Maximus International’s wholly owned subsidiary -- MX Africa (MXAL) (Nairobi - Kenya) has entered into a Share Purchase Agreement on September 14, 2022 with SKG Energy and purchased additional 49 number of equity shares in Quantum Lubricants (E.A.) (QLL) (Nairobi - Kenya) (Constituting 49% of equity share Capital of QLL) thereby making QLL as wholly owned subsidiary of MXAL.
The acquisition is subject to customary closing conditions, which are expected to be completed within 2 months from September 14, 2022. QLL has a manufacturing set up in Kenya. This acquisition will place MXAL in the capacity of sole ownership for effective decision making for market expansion, product mix, client acquisition, supply chain management, etc.
Maximus International is primarily engaged in the business of importing and exporting lubricant oils, different types of base oils and other chemical products used mainly in the Automobile Industry, Power Industry and Metal manufacturing among others.
