UDL International buys DHA Karachi land for Rs65 Million headquarters project

UDL International Limited has acquired two plots in DHA Phase 7 Extension, Karachi, for a combined Rs65 million to develop a new head office for the company’s operational use, according to a notice filed with the Pakistan Stock Exchange on Thursday.

The company said the transaction involves two open plots measuring 100 square yards each, purchased at Rs32.5 million per plot.

UDL International informed the bourse that execution and transfer formalities related to the acquisition had been completed, while formal issuance and delivery of title documents from the relevant authority were still pending.

According to the filing, the company plans to amalgamate the two plots in accordance with applicable legal and regulatory requirements before initiating construction of the head office.

The company said the acquisition is aimed at supporting its long-term operational and administrative infrastructure needs.

UDL International further clarified that the transaction is not a related-party deal and does not involve acquisition of an undertaking or any change in the company’s principal business activities.

The company was created following the merger of First UDL Modaraba into UDL International.

UDL International provides legally permissible financial services and trading operations and also offers Islamic financial services through subsidiary UDL Financial Services Limited.