Sumitomo Chemical India Board Closes Tanzania Subsidiary

The board of directors of Sumitomo Chemical India has approved in principle the winding up/closure of the company's Tanzania subsidiary Excel Crop Care (Africa) Limited, in which Sumitomo Chemical India holds 99.9% equity.

The proposed winding up/closure is subject to legal/regulatory and other procedures and procedures prescribed by the laws of Tanzania.

Excel Crop Care (Africa) Limited is an unlisted non-material subsidiary. It does not have any significant business or commercial activities and has been operating at a loss for the past two years. The subsidiary has been acting as the company's business agent in a number of East African countries. The company is making alternative arrangements for representation in East Africa.

The subsidiary has no significant financial liabilities on its balance sheet and has positive net assets.

The winding up/closure of Excel Crop Care (Africa) Limited is unlikely to affect in any material way the business, commercial activities, financial position and financial statements of the company or group.