Habib Rice Products Ltd. has announced plans to initiate the liquidation process of its 100% subsidiary, Habib Rice Products (FZE), with immediate effect.
The company shared this development through a notice to the Pakistan Stock Exchange (PSX) on Wednesday in compliance with Regulation 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act 2015.
The decision comes in response to visa-related issues that have affected the key personnel required to operate the subsidiary.
“As required under Regulation 5.6.1 of Rule Book of Pakistan Stock Exchange and Section 96 and 131 of the Securities Act 2015, we are hereby informed that due to visa-related issues for the key personnel to operate the 100% Subsidiary of the Company Habib Rice Products (FZE), we are going to initiate the liquidation process of the subsidiary with immediate effect,” read the company’s notice.
The company informed that all necessary disclosure forms, as required under the law, have been filed in connection with the liquidation process.
