Pak Elektron to incorporate wholly-owned foreign subsidiary in UAE

The Board of Directors of Pak Elektron Limited (PSX: PAEL), in its meeting held on April 04, 2024, has accorded its approval for incorporation of a wholly-owned foreign subsidiary in the United Arab Emirates (UAE).

According to a notice sent by the company to the Pakistan Stock Exchange (PSX), the subsidiary will be primarily engaged in commercial trading with import, export, distribution, and warehousing as its ancillary activities.

However, the inception of this subsidiary is subject to all applicable regulatory approvals.

Pak Elektron Limited, headquartered in Lahore, is a Pakistani engineering corporation that manufactures major home appliances and electrical equipment. PEL operates in two segments - power and appliances.