Pakistan's IPAK expands into Europe with new Portugal subsidiary
- Says Portuguese entity to be fully owned by IPAK Connect
International Packaging Films Limited (IPAK) is establishing a new subsidiary in Portugal via its Dubai-based IPAK Connect, aiming to enhance its commercial presence and expand into European markets.
- IPAK's strategic expansion into European markets.
- The role of its Dubai subsidiary in global growth.
- IPAK's core business of manufacturing packaging films.
International Packaging Films Limited (IPAK) announced to set up a new subsidiary in Portugal on Friday through IPAK Connect Packaging Materials Trading FZCO (IPAK Connect), its wholly owned subsidiary in Dubai, United Arab Emirates.
IPAK informed the Pakistan Stock Exchange in a notice today.
The company added that IPAK Connect resolved to incorporate a wholly owned subsidiary in Portugal, subject to obtaining all necessary legal, regulatory, and corporate approvals.
“Once incorporated, the Portuguese entity will be fully owned by IPAK Connect, thereby becoming an indirect wholly owned subsidiary of the Company within the IPAK Group,” the notice said.
This new subsidiary aims to enhance the group’s commercial presence in Europe, promote closer engagement with customers, strengthen marketing and distribution efforts, and support its future expansion into European markets, the listed company informed.
READ MORE: Flexible packaging industry can generate up to USD300m annually: IPAK
IPAK was established in Pakistan as a Greenfield project in 2015 to manufacture Biaxially Oriented Polypropylene (BOPP) films.
Initially, the company was incorporated as a private limited company in 2015 and was later converted into a public limited company in 2021.
The company is engaged in the manufacturing and sale of BOPP, CPP and BOPET films for both domestic and international markets.
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