Burshane LPG approves up to Rs 150 million of investment in Roots International Brands

MG News | August 25, 2020 at 12:22 PM GMT+05:00

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August 25, 2020 (MLN): The Board of Directors of Burshane LPG (Pakistan) Limited, in its meeting, held on Monday, August 24, 2020, duly approved an investment of up to Rs. 150 million in an Associated Company "Roots International Brands (Private) Limited (RIBS)"

According to the notification issued to PSX, it is subject to approval by the members of the company in a general meeting to be convened subsequently followed by approval of SECP.

It is pertinent to mention that RIBS has been associated with TESCO (United Kingdom) as Retail Partners in Pakistan and also has exclusive distribution rights for Tesco Products in Pakistan. TESCO is a British multinational groceries and general merchandise retailer. It is one of the largest retailers in the world with group sales of £56.5 billion. It has stores in seven countries across Asia and Europe and is the market leader of the grocery business in the United Kingdom.

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