Arrow Webtex acquires Victor Hotels and Motels

Arrow Webtex Ltd has informed about the following:

1. Highstreet Cruises and Entertainment Pvt. Ltd a subsidiary of the Company has purchased 100% equity of Victor Hotels and Motels Ltd. Victor Hotels and Motels Ltd proposes to set up an offshore gaming business.

2. The deal involves a swap of shares whereby Highstreet Cruises and Entertainment Pvt. Ltd acquired 100% equity stake of Victor Hotels and Motels Ltd from Diana Buildwell Pvt. Ltd in exchange for 10% of equity of Highstreet Cruises and Entertainment Pvt. Ltd issued to Diana Buildwell Pvt. Ltd.