Midwest Gold Limited has announced a strategic expansion into the Sri Lankan market through its subsidiary structure. The company has incorporated a step-down wholly-owned subsidiary named Good Energy (Pvt) Ltd in Sri Lanka, focusing on renewable energy, clean energy, and battery energy storage systems.

Key Details of the Expansion

Corporate Structure

The newly incorporated Good Energy (Pvt) Ltd is a step-down wholly-owned subsidiary of Midwest Gold Limited. It is 100% held by Midwest Energy Private Limited, which is itself a wholly-owned subsidiary of Midwest Gold Limited. This structure expands the company's presence into the renewable energy sector in Sri Lanka.

Corporate Disclosure

The company has made this announcement in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Midwest Gold Limited has stated that additional information regarding this corporate action will be disclosed in due course.

Implications

This move represents a significant step in Midwest Gold's international expansion strategy and diversification into the renewable energy sector. By establishing a presence in Sri Lanka through its subsidiary structure, the company is positioning itself to explore new market opportunities in renewable energy, clean energy, and battery energy storage systems.

The substantial share capital of LKR 300,000,000.00 indicates a commitment to this new venture and suggests that Midwest Gold Limited sees potential in the Sri Lankan renewable energy market.

Investors and stakeholders are advised to monitor future announcements from Midwest Gold Limited for more detailed information about the new subsidiary's operations and its potential impact on the company's overall business strategy.

The company has confirmed that further details will be available on its official website at www.midwestgoldltd.com .

Midwest Gold Limited , a company engaged in the processing and trading of granite, marble, and other natural stones, has reported the complete utilization of funds raised through its preferential issue, according to the latest monitoring agency report for the quarter ended September 30, 2025.

Fund Utilization Details

The company had raised a total of Rs 118.47 crore through a preferential issue, which was conducted in two parts:

1. Rs 39.57 crore through an equity share swap for acquiring a 97.40% stake in Midwest Energy Private Limited (MEPL).
2. Rs 78.90 crore in cash (out of the proposed Rs 85.02 crore).

The utilization of the funds, as reported by Infomerics Valuation and Rating Private Limited, the appointed monitoring agency, is as follows:

Key Highlights

• The monitoring agency reported no deviations from the disclosed objects of the issue.
• The acquisition of the MEPL stake has been completed, utilizing the full allocated amount of Rs 39.57 crore.
• For debt repayment, the company has utilized Rs 19.60 crore out of the allocated Rs 20.03 crore.
• Working capital requirements saw a utilization of Rs 12.00 crore against the allocated Rs 20.27 crore.
• General corporate purposes accounted for Rs 17.31 crore of the utilized funds, out of the allocated Rs 19.60 crore.

Additional Financial Maneuvers

The report also highlighted that Midwest Gold Limited had availed an overdraft facility of Rs 9.40 crore against fixed deposits. This amount was subsequently transferred to MEPL for expansion and working capital needs.

Corporate Governance

The Audit Committee of Midwest Gold Limited has reviewed the monitoring agency report, and the Board of Directors has taken it on record during their meeting held on November 8, 2025. This action demonstrates the company's commitment to transparency and adherence to regulatory requirements.

The timely and appropriate utilization of funds raised through the preferential issue indicates Midwest Gold Limited's focus on strategic growth and financial prudence.