Ushdev International said that the board of directors of UIL (Singapore), a subsidiary of the company has approved a fresh issue of 5,798,000 ordinary shares to UD Trading Group Holding, for an aggregate consideration of USD 8.34 million.

Further, the board of directors of UIL Hong Kong, also a subsidiary of the company has approved a fresh issue of 45,018,000 ordinary shares to UD Trading Group Holding for an aggregate consideration of USD 8.59 million.

After the allotment of shares by UIL (Singapore) and UIL Hong Kong, the holding of the company in these companies will be 43.17% of the share capital of UIL, (Singapore) and 43.21% of the share capital of UIL Hong Kong.