Board approves setting up of a wholly owned subsidiary in Singapore
Midwest Ltd's board has approved the establishment of a wholly owned subsidiary in the Republic of Singapore.
By ScoutQuest · · 2 min read
- Subsidiary Location
- Republic of Singapore
- Ownership Stake
- 100% of its share capital
- Nature of Consideration
- cash, by way of subscription to equity share capital and/or other permissible instruments
Board meeting outcome
The Board of Directors of Midwest Ltd met on Thursday, October 15, 2026, and approved the establishment of a wholly owned subsidiary in the Republic of Singapore, referred to as the Singapore WOS. The stated purpose is for the new entity to act as an intermediate holding and investment entity for the company's overseas operations. The meeting commenced at 05.00 P.M. and concluded at 05.31 P.M.
What the new entity is meant to do
- Its industry is described as an overseas holding and investment company for mining of heavy mineral sands and rare earth materials, mineral trading, mineral processing and related activities.
- It will hold the company's overseas operations through this intermediate structure.
Ownership and funding
- 100% of the share capital will be held by the company.
- The nature of consideration is cash, by way of subscription to equity share capital and/or other permissible instruments.
- On the cost of subscription or price at which shares are subscribed, the update states that investments shall be made from time to time, as required for the execution and implementation of the projects.
Status and approvals
- The entity is yet to be incorporated, so its name and date of incorporation are not applicable at this stage.
- Incorporation is to be done with ACRA, Singapore.
- The overseas investment is proposed under the automatic route in terms of the Foreign Exchange Management Act, 1999 and the Foreign Exchange Management (Overseas Investment) Rules and Regulations, 2022, through the Authorised Dealer Bank, including update of Form ODI / FC and other prescribed reporting.
What this means in simple terms
This is a board decision to create a holding company abroad rather than a fresh operating business announcement. It sets up a structure through which the company intends to route and hold its overseas operations. The subsidiary is not yet incorporated, and the update does not set out a fixed amount or a fixed timeline for the investment — it says investments will be made from time to time as needed for the projects.
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More numbers
- Shareholding of the company in the Singapore entity100%
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