PAEL to establish wholly owned foreign subsidiary in UAE

MG News | April 04, 2024 at 01:20 PM GMT+05:00

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April 04, 2024 (MLN): The Board of Directors of Pak Elektron Limited (PSX: PAEL) has approved the incorporation of a wholly owned foreign subsidiary in the UAE, subject to all applicable regulatory approvals, company's filing on PSX revealed today.

The new subsidiary will be primarily engaged in commercial trading with import, export, distribution, and warehousing as its ancillary activities.

To note, the mentioned agenda was approved by the board in its meeting held on April 04, 2024.

This development has resulted in a positive response for the company's share price which is currently trading at Rs22.33, up by 11 paisa or 0.50% compared to the last close.

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