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IMAGE approves the incorporation of wholly owned subsidiary

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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.

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