International Packaging Films Limited (IPAK) has decided to establish a subsidiary in Portugal as the Pakistani packaging manufacturer sets its sights on a deeper foothold in European markets, the company informed the Pakistan Stock Exchange (PSX) on Wednesday.
The new entity will be incorporated through IPAK Connect Packaging Materials Trading FZCO, IPAK’s wholly owned subsidiary based in Dubai, United Arab Emirates. IPAK Connect will set up a wholly owned subsidiary in Portugal, subject to the necessary legal, regulatory, and corporate approvals. Once operational, the Portuguese company will become an indirect wholly owned subsidiary of International Packaging Films.
The company said the move is aimed at bringing it closer to customers in Europe, strengthening its marketing and distribution operations, and providing a platform for further expansion across the continent.
However, IPAK did not disclose the investment amount, the expected timeline for incorporation, or the financial impact of the proposed subsidiary. The company said it would update the bourse regarding any significant developments related to the expansion as they materialise.
