Karachi December 9 2022: The board of directors of Nimir Industrial Chemicals Limited in its meeting held on December 09, 2022 have approved the establishment/set up of a 100% owned subsidiary in the jurisdiction of the Republic of Uzbekistan.
The company will be established under the name and style of "Nimir Overseas FE LLC" (or any other name as may approved by Regulatory authority / agency of foreign jurisdiction) subject to compliance of the applicable regulations and rules of the Republic of Uzbekistan.
"Last year was the first year when the company was able to export products and our exports stood nearly PKR 1 billion" says Company Chief Executive Officer Zafar Mahmood.
He added, "Going forward, I see many challenges. Depleting FX reserves, fluctuating feedstock prices, rising utility and financial costs, we expect margins to remain under pressure during the coming financial year. Hence, we are now focusing on exports with the aim to contribute more in the national exchequer. The projects initiated in last couple of
years are being completed. While some of the projects have been completed in the last quarter of the period under review, but major projects would be commissioned in the second quarter of the financial year 2023."
Nimir Industrial Chemicals Limited holds 51% shares in Nimir Management Private Limited and 11.63% shares in Nimir Resins Limited directly. The Company’s effective shareholding in NRL stands unchanged at 37.64%.
Nimir Industrial Chemicals Limited (‘the Company’) was incorporated in Pakistan as a public limited company and its shares are listed on Pakistan Stock Exchange. The Company is engaged in manufacturing and sales of chemical products along with toll manufacturing of aerosol and soap products.