Phoenix Mills transfers Insight Mall Developers equity to Island Star Mall Developers

Retail-led mixed-use asset developer and operator, the Phoenix Mills has transferred its entire equity holding in wholly-owned subsidiary Insight Mall Developers in favor of its subsidiary Island Star Mall Developers. Following this Share Purchase Agreement (SPA), Insight has ceased to be the Phoenix Mills’ wholly-owned subsidiary and has become a step-down subsidiary with effect from December 11, the company said in a regulatory filing. Separately, Phoenix Mills’ also announced appointing Rajendra Kalkar as a whole-time Director of the company with effect from December 10, 2018.