Universal Network System Limited (BlueEx) plans to set up a local subsidiary in collaboration with international partners to tap into business opportunities in domestic and international markets.
According to a notification issued to Pakistan Stock Exchange (PSX), the board of directors of the company has approved a plan for the formation of a wholly-owned local subsidiary (a Private Limited Company).
This company will partner with global logistics/courier networks for international express courier and other similar services as mentioned in the Memorandum of Association of the Company for Europe and other major destinations which can feed inbound/outbound business.
Last month, the management made a public announcement about its business deal for the possible acquisition of stakes in a major e-commerce logistics, and fulfillment company in Pakistan. It is most likely that the directors of the company either scrapped the idea of the investment in another company while they planned for setting up a wholly-owned subsidiary, or they are working on both options.
BlueEx is involved in core logistics, e-commerce logistics, warehousing, and relevant e-commerce & logistics operations. It made its listing on the Pakistan Stock Exchange (PSX) last year in December to become the second company on its Growth Enterprise Market (GEM) board to raise capital to enhance its in-house technology and expand its infrastructure.
The company had set out to raise Rs. 445,705,000 through the PSX GEM board Listing. The issue consisted of 6,857,000 ordinary shares comprising 25 percent of the post-issue paid-up capital of the company. The entire issue was offered at a fixed price of Rs. 65 per share.
The company started operations with a single courier in 2011 claiming to be Pakistan’s first smart logistics company. It has more than 3,000 corporate customers and a network of more than 400 cities and towns in Pakistan.
