JDW Sugar Mills Limited, a manufacturer of crystalline sugar, has announced plans to set up a subsidiary in the United Arab Emirates (UAE).
The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“The Board of JDW Sugar Mills Limited has approved the establishment /setting up of a wholly owned subsidiary company in the United Arab Emirates,” read the notice, adding that the establishment is subject to the applicable laws.
“The establishment of the subsidiary company will open new business opportunities and will also enable JDW Sugar to achieve its goals in more effective and efficient manner,” it added.
UAE’s appeal as the preferred destination for Pakistan’s companies has a lot to do with the streamlined payment process, a favourable business environment, and better enforcement of contracts, among other factors.
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The UAE is ranked highly on several fronts, including enforcing contracts and the metric of ‘getting electricity’.
Experts believe that incorporating an office in the UAE offers Pakistani companies a strategic advantage, enabling them to leverage a global hub with the required infrastructure and a proper legal framework.
JDW Sugar Mills was set up as a private limited company in 1990 under the Companies Ordinance, 1984. In 1991, it was converted into a public limited company.
The company produces and sells crystalline sugar, electricity, and manages corporate farms.
Jahangir Khan Tareen, a prominent Pakistani industrialist and politician, primarily owns and controls JDW Sugar Mills. He also serves as the director of the JDW Group.
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