KARACHI: Mari Petroleum Company Limited (MPCL) has announced establishment of a wholly owned subsidiary company at Dubai Free Zone for expansion of operations.
In a notice to Pakistan Stock Exchange (PSX) on Wednesday, the company said that its board of directors had approved establishment of a wholly owned subsidiary company of MPCL in Dubai Free Zone Area and investment of one million US dollars in the proposed subsidiary company as MPCL’s equity contribution.
The board is of the view that formation of a foreign subsidiary company is imperative for MPCL for expanding its operations across other countries in oil, gas and allied services as well as other sectors.
Further, activities related to foreign investment and arrangement of foreign financing can be handled more proactively through a company registered abroad.
The company further said that transfer/investment of funds out of the country would be subject to approval by the State Bank of Pakistan.