SEAMEC Limited has formally informed the stock exchanges about the incorporation of a Joint Venture Company (JV) named SEARETE INDIA IFSC PRIVATE LIMITED (“SEARETE”) by its wholly owned subsidiary SEAMEC International FZE (SIFZE). The JV has been formed in partnership with Arete Shipping DMCC, UAE, with each partner holding 50% equity.

SEARETE is registered in GIFT City, Gujarat, India, and is primarily engaged in the buying, leasing, and sale of vessels, along with ship-owning and leasing activities through bareboat charter hire agreements. This new JV is part of SEAMEC’s strategic expansion into the shipping industry leveraging the benefits of the International Financial Services Centre (IFSC) at GIFT City.

Key details disclosed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in line with the SEBI circular dated July 13, 2023, include:

• Incorporation and Registration: SEARETE was incorporated with the Ministry of Corporate Affairs on April 16, 2025. Subsequently, a provisional letter of registration was granted by the International Financial Services Centre Authority (IFSCA) on May 22, 2025. Final regulatory approvals and registration letters from the SEZ Authority are awaited to commence full operations.

• Ownership and Consideration: SEAMEC International FZE subscribed to 18,15,000 equity shares of ₹10 face value each, amounting to a cash subscription of ₹1,81,50,000. This represents a 50% stake in SEARETE. The other 50% equity is held by Arete Shipping DMCC, UAE.

• Industry and Business Objective: The JV operates within the shipping industry, focusing on acquiring, leasing, and selling vessels to customers, enhancing SEAMEC’s footprint in the maritime sector and leveraging GIFT City’s IFSC regulatory environment.

• Related Party Transaction: The JV is a joint venture between a wholly owned subsidiary of SEAMEC and an external partner Arete Shipping DMCC, and therefore not a related party transaction.

• Regulatory Status: While the provisional registration has been obtained, the company is in the process of securing final approvals from the relevant authorities. Intimations regarding the final certificate will be communicated in due course.

• Financial Impact: Since SEARETE is newly incorporated, it has not commenced business operations and has no turnover to date.

This development highlights SEAMEC’s strategic move into an important niche within the shipping industry by leveraging its subsidiary and partnering with an experienced UAE shipping firm. The location in GIFT City offers regulatory and tax advantages that are expected to benefit the joint venture’s operations.

SEAMEC’s management continues to maintain transparent communication with shareholders and complies with all applicable regulatory frameworks under SEBI’s Listing Regulations.

Further updates will be shared upon receipt of final registration and as the JV begins operations.

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