Expansion Strategy: BLS International’s New Turkish Subsidiary

On June 26, 2024, BLS International FZE, a wholly-owned subsidiary of BLS International Services Limited, incorporated a new overseas wholly-owned subsidiary named BLS International Holding Anonim Şirketi under the Turkish Commercial Code.

The newly formed overseas wholly-owned subsidiary, BLS International Holding Anonim Şirketi, has a substantial share capital of 700 million Turkish Liras. This figure underscores the robust financial foundation of the entity as it enters the market under the Turkish Commercial Code.

The acquisition of BLS International Holding Anonim Şirketi qualifies as a related party transaction since it is a step-down wholly owned subsidiary of BLS International Services Limited. It is important to note that neither the promoter nor the promoter group holds any additional interests beyond this relationship. This transaction has been conducted at arm’s length.

BLS International Holding Anonim Şirketi operates primarily within Turkey’s investment and finance industry.

Objective of Acquisition

BLS International Services Limited’s objectives include acquiring shares in existing and new Turkish companies, participating in their capital and management, and collectively addressing investment, financing, organisational, and management issues. Its activities aim to bolster investment security amidst economic fluctuations, foster healthy development of companies aligned with national economic requirements, and initiate suitable commercial, industrial, and financial ventures accordingly.

The primary reason for incorporating BLS International Holding Anonim Şirketi is to facilitate the acquisition of companies in Turkey whose businesses align with BLS International Services Limited’s core operations, specifically in travel and related services.

Acquisition Details

The acquisition was conducted through a cash consideration amounting to a subscription to share capital totalling 700 million Turkish Liras. This capital is divided into 700 million registered shares, each valued at 1.00 Turkish Lira. As a result, our company now holds 100% ownership of BLS International Holding Anonim Şirketi.

About BLS International Services Limited

BLS International Services Limited (BLS), a key division of the longstanding BLS Group established over four decades ago, boasts a worldwide footprint and offers a wide array of services. It stands as a prominent global leader in visa application outsourcing.

On June 27, 2024, BLS International Services Ltd’s share price opened at ₹363.50, touching the day’s high of ₹368.75 as of 01:18 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.