UDLI approves purchase of two DHA Karachi plots for Rs65mn
UDL International Limited acquired two plots in Karachi for Rs. 65 million to construct its new head office, aiming to enhance long-term operational and administrative infrastructure.
- UDL International Limited's land acquisition details.
- Purpose of the new head office construction.
- Impact on the company's long-term operations.
UDL International Limited (UDLI) announced on Thursday that it had approved the purchase of two open plots of land, measuring 100 square yards each, situated at DHA Phase 7 Extension, Karachi, for an aggregate consideration of Rs. 65.00 million (Rs. 32.50 million each).
The company informed the Pakistan Stock Exchange today.
It said that the company had also completed the execution and transfer formalities relating to the said transaction, and it was waiting for the formal issuance/delivery of the title documents from the relevant authority.
“The said plots have been acquired for the purpose of construction of the company’s head office for its own operational use, which shall be undertaken after amalgamation of the two plots in accordance with the applicable laws and relevant authority requirements,” the notice to the bourse said.
READ MORE: CCP approves merger of First UDL Modaraba with UDL Intl Ltd
The acquisition is expected to support the company’s long-term operational requirements and administrative infrastructure, UDL said.
“The acquisition does not involve any related party transaction and does not constitute the acquisition of any undertaking or change in the principal line of business of the company,” the listed company shared.
The company was formed after a successful merger of First UDL Modaraba into UDL International Limited.
The company is engaged in providing legally permissible financial services and also trading in products in compliance with the law. The company also provides Islamic financial services through its subsidiary, UDL Financial Services Limited.
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