Ismail Industries to Set Up Bisconni Subsidiary in UAE With $10 Million Investment

Shareholders of Ismail Industries Limited (PSX: ISIL) have decided to set up a subsidiary of Bisconni Middle East Manufacturing LLC in Abu Dhabi, UAE. According to a stock filing, ISIL will invest an aggregate amount up to PKR equivalent to $10 million with shareholding up to 100 percent on approval from competent authorities. The principal activities of ISIL are manufacturing and trading of sugar confectionery items, biscuits, potato chips, cast polypropylene (CPP), and Biaxially-oriented polyethylene terephthalate (BOPET) film under the brands of ‘CandyLand’, ‘Bisconni’, ‘Snackcity’ and ‘Astro films’ respectively.