Balmer Lawrie Board of Directors approves the establishment of a subsidiary in Dubai for logistics activities

The filing also noted that the proposed subsidiary has yet to be formed. “The formation of the subsidiary does not fall within the definition of related party and whether it is a promoter/promoter transaction. The Company is not acquiring an existing business. As such, operations must be consistent with existing rationale disclosure for Balmer Lawrie and Co Ltd’s acquisition business. It requires approval from the Department of the Investment and Public Asset Management (DIPAM), Ministry of Finance. Approval from the authorities in Dubai would also be required. The company is expected to be incorporated within six months. It should be the company’s wholly owned subsidiary,” the filing added.

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