Habib Rice Products Limited has announced that intends to establish a wholly-owned subsidiary company in Free Zone Sharjah, UAE.

“We are pleased to inform you that Habib Rice Products Ltd (HRPL) intends to set up a 100 percent wholly-owned subsidiary Company in Free Zone Sharjah after approval of State Bank of Pakistan (SBP)” said the company in its filing to the bourse on Tuesday.

“The Subsidiary Company, if allowed to establish, will help promote our drive to secure export business,” the company added.

It is pertinent to mention that Habib Rice Products Ltd. and its subsidiary companies produce and market a wide range of rice-based starch sugars, protein concentrates, and derivatives. HRPL is also the only 100% vertically integrated producer – sourcing raw rice paddy directly from the farmers, processing it into various products, and converting some of these into confectionery items to be sold in retail markets to household consumers.