Sui Northern Gas Pipelines Limited (SNGPL) has announced that its Board of Directors, in its 638th meeting held on June 25, has approved the formation and registration of a wholly owned subsidiary company.
According to a regulatory filing submitted to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP), the new subsidiary will be established with an authorized share capital of Rs. 1 billion and an initial paid-up capital of Rs. 50 million.
The formation costs of the new entity will be borne by SNGPL initially and subsequently recovered from the subsidiary once it is operational. Further details regarding the purpose and scope of the new entity were not disclosed in the notification.
This move indicates SNGPL’s efforts to expand or diversify its operations, though the specific objectives of the new subsidiary remain to be officially outlined. – ER Report
