KARACHI, Aug. 19: Habib Rice Products Limited (PSX: HRPL), a global supplier of organic and non-GMO rice-based sweeteners and polyols, has announced the initiation of the liquidation process for its wholly-owned UAE subsidiary, Habib Rice Products (FZE), due to ongoing visa-related challenges that have hindered its operations.
In a formal disclosure submitted to the Pakistan Stock Exchange (PSX), the company cited the inability to secure visas for key personnel as the primary reason for closing down the subsidiary. The decision was made in line with Regulation 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act 2015.
The liquidation process will commence immediately, with the company assuring that all regulatory requirements will be met.
Headquartered in Karachi with a manufacturing facility in Hub, Balochistan, Habib Rice Products Ltd. is recognized for supplying rice-derived ingredients to the food, beverage, and pharmaceutical industries worldwide. The closure of its UAE unit marks a significant strategic shift for the company, which may have implications for its international logistics and expansion plans.
