Wafi Energy Pakistan Ltd. has approved the establishment of a wholly owned subsidiary in Dubai as part of a strategy to expand its commercial operations beyond Pakistan, the company said in a filing to the Pakistan Stock Exchange on Monday.
The board cleared the formation of the unit at the Dubai Multi Commodities Centre (DMCC), subject to approval from the State Bank of Pakistan and other relevant regulators.
The company plans to invest up to $500,000 in the new entity, pending regulatory clearances.
Wafi said the move is intended to broaden its international business footprint and support future commercial activities outside the domestic market.
“The board has approved the creation of a wholly owned subsidiary in DMCC, Dubai, with an investment of up to USD 500,000, subject to obtaining necessary approvals from the State Bank of Pakistan and other statutory authorities,” the company said in the filing.
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