KARACHI: Sapphire Fibres Limited (PSX: SFL) has established a wholly owned subsidiary, Saphir Holding L.L.C-FZ, in the United Arab Emirates (UAE) as part of its strategy to expand its international footprint, the company said in a material information notice submitted to the Pakistan Stock Exchange (PSX).
According to the notification, all legal and regulatory formalities required for the incorporation of the subsidiary have been successfully completed.
Following the incorporation, Sapphire Fibres is in the process of remitting USD 200,000 as equity investment into the newly established entity.
The company said the establishment of the UAE-based subsidiary forms part of its strategic initiative to explore international business opportunities and strengthen its presence in global markets.
“The establishment of this entity is part of the Company’s strategic initiative to explore international business opportunities and expand its global footprint,” the company stated.
The disclosure was made in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Rule Book, to ensure timely dissemination of material information to shareholders and the market.
The move is expected to support Sapphire Fibres’ long-term growth strategy by providing a platform to pursue international investments and business opportunities in the region and beyond.
Source: Company notification to the Pakistan Stock Exchange (PSX).
