Fairfax Financial Holdings Limited (Fairfax) has acquired an additional 2,56,200 shares of Quess Corp Limited (Quess) to enhance its holding in the business service provider to 32.35%.
“Upon completion of the acquisition of these additional Quess shares and the previously announced spin out of Quess shares by Thomas Cook (India) Limited, the parent of Quess and a subsidiary of Fairfax, to its shareholders, Fairfax will own 32.35% of Quess,” the company said in a statement.
“We consider Ajit Isaac, the founder and chairman and the owner of 22.65% of Quess, to be an outstanding entrepreneur who is in the process of building a great company,” said Prem Watsa, chairman and chief executive officer, Fairfax. “We are excited to increase our ownership of Quess and we expect to further increase our shareholding in the future as we believe that Quess will be a great long-term investment,” said Mr. Watsa added.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.
The shares of Quess Corp declined 5.52% to close at ₹430.10 on the BSE in a firm Mumbai market on Friday, valuing the company at ₹6,283.93 crore.
