Today, Pak Elektron Limited (PSX: PAEL) disclosed in a filing on the Pakistan Stock Exchange (PSX) that its Board of Directors has greenlit the establishment of a wholly owned foreign subsidiary in the United Arab Emirates (UAE), contingent upon obtaining all necessary regulatory approvals.

The forthcoming subsidiary will primarily focus on commercial trading activities encompassing import, export, distribution, and warehousing services.

It’s noteworthy that the board ratified this decision during its meeting convened on April 4, 2024.

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