Sapphire Fibres sets up wholly owned UAE subsidiary, plans $200,000 equity investment

Sapphire Fibres Limited has established a wholly owned subsidiary in the United Arab Emirates (UAE) as part of its plan to explore international business opportunities and expand its overseas presence.

The new company, named Saphir Holding L.L.C-FZ, has completed the required legal and regulatory formalities in the UAE, Sapphire Fibres said in a notice submitted to the Pakistan Stock Exchange on Wednesday.

Following the incorporation, Sapphire Fibres is in the process of remitting $200,000 as equity investment in the subsidiary.

The company said the UAE-based entity had been established as part of its strategy to widen its global footprint.

Sapphire Fibres did not disclose the specific business activities the subsidiary would undertake or provide a timeline for the start of operations.