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Sterling and Wilson board approves adoption of new business lines; Stock trades flat
It also approved an amendment to the object clause of the Memorandum of Association of the company. July 30, 2021 9:30 IST | India Infoline News Service Board of Directors of Sterling and Wilson Solar Limited on Thursday approved diversification of business through adoption of new business lines. The new line of business belongs to EPC projects encompassing hybrid energy power plants, energy storage solutions, and biomass/ waste to energy in addition to offering pure-play solar EPC. The company said in a filing that it is currently one of the leading global EPC’s for large solar plants and is one of the largest solar O&M service
A total of 59 investors in Dubai have already taken advantage of the new law that went into effect on June 1, the department said.
The changes to the commercial company ownership laws, which were first announced in November last year, remove the requirement for onshore companies to have a major UAE shareholder.
They also abolished a provision mandating that a UAE national or UAE-owned company was required as an agent and that a company s board needed to be made up of a majority of UAE nationals and chaired by an Emirati, Abdulla bin Touq Al Marri, Minister of Economy, said on May 19.