Ismail Industries to launch $10m Bisconni subsidiary in UAE

October 09, 2024 (MLN): The shareholders of Ismail Industries Limited (PSX: ISIL) have approved the establishment of a subsidiary, Bisconni Middle East Manufacturing LLC, in Abu Dhabi, UAE, with a total investment of up to $10 million.

ISIL will hold a 100% stake in the new subsidiary based on approval from competent authorities.

The LLC shall be involved in the activities of "Chocolate, Sugar Confectionery & Dry Bakery Products Manufacturing" or similar activities approved by the Abu Dhabi Economic Department.

The investment is proposed to expand the business footprints of the Company outside Pakistan.

During the meeting, the shareholders also made important decisions regarding the renewal of loans and the release of additional financial assistance.

They decided to provide an additional financial assistance and Cross Corporate Guarantee of up to Rs16.5 billion to the lenders of its subsidiary, Ismail Resin (Private) Limited.

Additionally, the members approved the extension of the intercompany loan, amounting to Rs8bn, provided to Ismail Resin (Private) Limited, for a further period of one year, under the approved terms and conditions.

It was also decided to renew an intercompany loan extended to Hudson Pharma (Private) Limited of an aggregate amount of Rs1.5bn for a period of further one year.

Another intercompany loan extension was authorized to its associate,  Innovita Nutrition (Private) Limited, aggregate amount of Rs1bn for a period of further one year as per approved terms and conditions

Copyright Mettis Link News