Packages Limited has incorporated its subsidiary in Dubai under Dubai Integrated Economic Zones after approvals of the regulatory authorities in Pakistan and UAE.
After the said approvals, the subsidiary has been incorporated under Dubai Integrated Economic Zones Authority Implementing Regulations, 2022, and registered with Dubai Integrated Economic Zones Authority, the stock filing said.
The board of directors of the company earlier in a meeting held on April 27, 2022, had accorded its approval for incorporation of a wholly-owned foreign subsidiary in the UAE, subject to all applicable regulatory approvals, it added.
Dubai Integrated Economic Zones was established in 2021 as a supporter and enabler of three leading free zones in Dubai, namely, Dubai Airport Free Zone, Dubai Silicon Oasis, and Dubai CommerCity. It aims to enhance Dubai’s leading position around the world.
Packages Limited is operating as a holding company as its earnings depend on earnings from the group of companies working within Pakistan and other foreign markets. Its income is driven by the profit of its group of companies.
The company also acquired 585,254 shares of Sanofi-Aventis Pakistan Limited at an offer price of Rs. 1,704 each.
By the end of three quarters of 2022, the company reported a profit of Rs. 3.3 billion.
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