AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, The Board of Directors of Ismail Industries Limited has approved the establishment of a wholly owned subsidiary in Abu Dhabi, UAE. The decision was made during their meeting on June 28, 2024, at the company’s headquarters on Main Shahrah-e-Faisal, Karachi.
The new subsidiary will engage in the manufacturing, marketing, sales, and distribution of food products, focusing on biscuits, confectionery, and allied products. The initiative is part of the company’s strategy to expand its operations and presence in the Middle Eastern market.
According to information available from the Pakistan Stock Exchange (PSX), Ismail Industries will now begin the process of seeking all necessary regulatory approvals before proceeding with the incorporation of the subsidiary. This move aligns with the provisions of section 96 and 131 of the Securities Act, 2015, and paragraph 5.6.1 of the Listing Regulations of the Pakistan Stock Exchange Limited.
Members of the exchange have been informed of this development as required by the regulatory framework. The establishment of the subsidiary is expected to enhance Ismail Industries’ ability to meet the demands of a growing market for its products in the region.