IMAGE approves the incorporation of wholly owned subsidiary

Image Pakistan Limited (PSX: IMAGE) Board of director in their meeting held today resolved that a wholly owned subsidiary under the name & style of Image Tech Limited be incorporated to avail the recently announced incentives by the Government of Pakistan for technology companies including digital electronics and intemet related services such as ecommerce services. These companies have been allowed a l00Yo tax credit against their tax liability for 3 years subject to certain conditions. The name of Image Tech Limited has already been reserved by SECP for incorporation of company.

The Company is also authorized to make an equity investment of upto Rs. 200,000,000/- (Rupees two hundred million only) in the capital of the proposed wholly owned subsidiary company to be incorporated in the name Image Tech Limited as per terms and conditions to be disclosed to the members of the Company.

spot_img

More like this

Global Footprint: BOP to establish Wholesale Banking Unit in...

The Board of Directors of the Bank of Punjab (BOP) has approved the business plan to establish...

MARI’s subsidiary secure mineral exploration licenses in the Chagai...

The Directorate General Mines & Minerals Balochistan has granted two Exploration Licenses EL-322 and EL-323, and allotted...

KSE 100 Skyrockets to Historic 78k Milestone!

The Pakistan Stock Exchange (PSX) experienced a buying frenzy as the benchmark KSE-100 index surged by over...