Ismail Industries Limited (ISIL), a manufacturer of confectionery items, has approved the establishment of a wholly owned subsidiary in Spain, marking a major step in its international expansion strategy as the company seeks to strengthen its presence in Europe.
The company disclosed in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“The Board of Directors of Ismail Industries Limited, through circular resolution, has resolved to establish a wholly owned subsidiary of the company in Spain, Europe, subject to all applicable regulatory approvals,” read the notice.
ISIL said this “strategic decision marks a significant milestone in the company’s long-term vision to expand its global footprint and establish its leading brands in international markets”.
The company was of the view that the new subsidiary in Spain would serve as a consumer strategic markets gateway for Ismail Industries to tap into the European Union (EU), one of the largest markets in the world.
Ismail Industries Limited was incorporated in Pakistan as a private limited company in 1988 and was converted into a public limited company in 1989.
The company is engaged in the manufacturing and trading of sugar, confectionery items, biscuits, potato chips, cast polypropylene (CPP) and biaxially oriented polyethene terephthalate (BOPET) film under the brands of Candyland, Bisconni, Snackcity and Astro films, respectively.
Last year, Ismail Industries announced the establishment of a wholly owned subsidiary in Abu Dhabi, UAE.
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