Descon Oxychem Limited, one of Pakistan's major chemical producers, on Wednesday announced that its board of directors has decided that the company will expand its operations in United Arab Emirates (UAE).
In a notice to the Pakistan Stock Exchange (PSX), the company said: "We are pleased to inform that the Board of Directors of the company has decided that the company to expand its operations in UAE for marketing and selling of its products.
“This will be subject to approval from the State Bank of Pakistan (SBP),” added the company, without adding more details.
Days ago, Descon officially announced its intention to diversify into the agriculture sector by setting up a division called Descon Agri Businesses (DAB), which will seek to innovate and improve upon the existing farm productivity and agriculture value-chain.
Over the decades, Descon has led numerous large-scale projects in construction, power-generation, oil-refining, chemicals and other diverse economic-sectors, in Pakistan and abroad.
Descon Oxychem Limited was established as a private limited company in 2004 under the Companies Ordinance, 1984.
The company manufactures, procures, and sells hydrogen peroxide and allied products that are used in mining, textile and food and beverage industries. In addition to catering to the local market, the company also exports its products with the Middle East being a major buyer.
The company commenced its trial production on December 1, 2008 and commercial production on March 1, 2009.
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