AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Habib Rice Products Ltd (HRPL) has announced the formation of a new wholly owned subsidiary, Habib Rice Products (FZE), based in the Sharjah Airport International Free Zone (SAIF-Zone).
The establishment of the subsidiary is a strategic move designed to enhance HRPL’s export capabilities and aligns with regulatory compliance under Regulation 5.6.1 of the Pakistan Stock Exchange Rule Book and Sections 96 and 131 of the Securities Act, 2015. According to information available from the Pakistan Stock Exchange (PSX), this development is set to significantly bolster HRPL’s presence in international markets.
The new entity, Habib Rice Products (FZE), will focus primarily on securing and expanding export business for HRPL, leveraging the strategic advantages offered by the SAIF-Zone’s logistical and regulatory framework. The incorporation of the subsidiary and the acquisition of the necessary licensing are steps to capitalize on growing global demand for rice products.
In compliance with the Securities Act, 2015, HRPL has also submitted the required Disclosure Form under Notification SRO No. 143(1)/2012, ensuring transparency and regulatory adherence. This form has been disseminated to the members of THE Certificate Holders to keep all stakeholders informed about the significant expansion move.