June 08, 2021 (MLN): The Board of Image Pakistan Limited, at its meeting held today, has approved the incorporation of a wholly-owned subsidiary under the name & style of Image Tech Limited to avail of the recently announced incentives by the Government of Pakistan for technology companies including digital electronics and internet related services such as e-commerce services.
These companies have been allowed a 100% tax credit against their tax liability for 3 years subject to certain conditions. The name of Image Tech Limited has already been reserved by SECP for incorporation of a company, as per the notice sent to Exchange.
In a meeting, the board has also authorized the company to make an equity investment of up to Rs200 million in the capital of the wholly-owned subsidiary company. The Chief Executive & Company Secretary have been hereby authorized singly to take appropriate steps and do all such things as are incidental thereto.
The notice said that the Extra Ordinary General Meeting of the company will be held on 2nd July 2021 for seeking approval of the General Body on the above-said matter.
