National Foods DMCC, a Dubai-based wholly-owned subsidiary of National Foods Limited (NATF), has decided to close its subsidiary National Foods (FZE) registered in Sharjah, UAE.
The development was disclosed by the parent company, National Foods Limited (NATF), in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We would like to inform you that the Company’s wholly owned subsidiary, National Foods DMCC, based in Dubai, has successfully completed the liquidation and closure of its subsidiary, National Foods (FZE), which was registered in Sharjah, UAE,” read the notice.
Following the development, National Foods’ share price was trading at Rs181.99, an increase of Rs2.66 or 1.48% during the opening hours of trading on Monday.
NATF was incorporated in Pakistan as a private limited company in 1971 and was subsequently converted into a public limited company.
The principal activity of the company is the manufacturing and sale of convenience-based food products. The company has a diverse portfolio of 250 products in about 12 broad categories. It has a global footprint in 40 countries across 5 continents.
ATC Holdings (Private) Limited is the ultimate holding company of NATF.