Ismail Industries board approves establishment of subsidiary in Abu Dhabi

MG News | June 28, 2024 at 12:27 PM GMT+05:00

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June 28, 2024 (MLN): The Board of Directors of Ismail Industries Limited (PSX: ISIL) has resolved to establish a wholly owned subsidiary of the company in Abu Dhabi, UAE, company's filing on the Pakistan Stock Exchange (PSX) revealed today.

The Subsidiary is intended to, inter alio, undertake manufacturing, marketing, sales, and distribution, of all kinds of food products, including but not limited to biscuits and confectionery and allied products.

The company will accordingly seek all necessary regulatory approvals and proceed with the incorporation process once the same has been obtained, ISIL further said.

The principal activities of the company are manufacturing and trading of sugar confectionery items, biscuits, potato chips, cast polypropylene (CPP) and Biaxially-oriented polyethylene terephthalate (BOPET) film under the brands of 'CandyLand', 'Bisconni', 'Snackcity' and 'Astro films' respectively.

Despite this development, ISIL's stock is trading in the red zone, having dropped by over Rs53 to currently trade at Rs1,314.

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