By BR Web Desk
Kohat Cement Company Limited has announced the formation of a wholly-owned subsidiary, Ultra Properties (Private) Limited, marking its entry into the real estate sector.
The cement maker disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
The new entity will be tasked with 鈥渃arrying out the real estate business, including marketing and development of all types of immovable properties for sale or rental purposes鈥.
The formation is subject to requisite regulatory approvals and compliance with applicable laws and regulations, the listed company said.
The Board of Directors (BoD) has further decided to lease out one of its investment properties to the proposed subsidiary, which shall construct multi-story commercial buildings for rental purposes.
鈥淔or this purpose, the board has approved an investment of up to Rs750 million in the proposed subsidiary, by way of equity and/or interest-bearing loan,鈥 it said.
Kohat Cement Company Limited
The board, in its meeting