Nimir Industrial Chemicals to Set Up Subsidiary in Uzbekistan

Nimir Industrial Chemicals Limited (NICL) will set up a wholly-owned subsidiary in the jurisdiction of Uzbekistan.

According to a stock filing, the board of directors of Nimir Industrial Chemicals Limited (PSX: NICL) on Friday approved the establishment 100 percent owned subsidiary in the jurisdiction of Uzbekistan under the name and style of “Nimir Overseas FE LLC”.

The filing stated that the above-said development will be carried out in accordance with the Republic of Uzbekistan’s applicable regulations and rules.

The new subsidiary is expected to add to the company’s already extensive third-party manufacturing services in various personal and home care products, including its cutting-edge production facilities that meet international standards for HSE and quality assurance.

NICL also manufactures construction chemicals that are used throughout the construction process, from initial construction to repair and maintenance, while trained personnel ensure high-quality work and zero environmental waste.

At the time of filing this report, the stock of the company is being traded at Rs. 69, down by Rs. 0.95 or 1.36 percent.