The Board of Directors of Pak Elektron Limited (PSX: PAEL) has decided to set up a wholly-owned subsidiary in the United Arab Emirates, the company informed the main bourse on Thursday.
“Pak ELEKTRON LIMITED in its meeting held on April 04, 2024, has accorded its approval for incorporation of a wholly-owned foreign subsidiary in the UAE, subject to all applicable regulatory approvals,” the stock filing stated.
The subsidiary will be primarily engaged in commercial trading with import, export, distribution, and warehousing as its ancillary activities.
Pursuant to the requirements of the Securities Act, 2015, the Company has duly caused this form/statement to be signed on its behalf by the undersigned hereunto duly authorized, the filing added.
The principal activity of the company is the manufacturing and sale of electrical capital goods and domestic appliances. The company is organized into two divisions – Power and Appliances.
