Universal Network System to form subsidiary for international express courier

By MG News | July 13, 2022 at 10:00 AM GMT+05:00

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July 13, 2022 (MLN): The board of directors of Universal Network Systems Limited (PSX: GEMUNSL) has approved the formation of a wholly-owned local subsidiary to partner with global logistics/courier networks for international express courier and other kinds of similar services, the company’s filing on the bourse said today.

This formation of a local subsidiary (private limited company) to partner with global logistics was mentioned in the Memorandum of Association of the Company for Europe and other major destinations which can feed inbound/outbound business.

However, it is subject to all applicable regulatory approvals. the notice said.

To note, on June 06, 2022, the company informed that it entered into a nonbinding agreement for the acquisition of a majority stake in an eCommerce logistics & fulfillment company in Pakistan.

Universal Network Systems Limited or Blue Ex is a company involved in core logistics, e-commerce logistics, warehousing, and relevant e-commerce & logistics operations.

At present, the scrip of the company is trading at Rs49.98 [9:44 PST], up by Rs2.32 or 4.87% DoD.

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