Thal Limited’s (PSX: THALL) Board of Directors has approved the incorporation in Karachi, Pakistan under the provisions of the Companies Act 2017, of a wholly owned subsidiary, as a private company limited by shares, to set up a high-quality storage facility for major grains such as wheat and corn.
In a notice to the Pakistan Stock Exchange (PSX) on Friday, the firm said alongside storage infrastructure, the company will also integrate milling solutions to process and mill grains, with improved quality and value.
The grain storage and milling facility will be located in Muzaffargarh, Punjab.
The Board of Directors have also approved, subject to compliance with all applicable statutory and legal requirements, the investment of up to $16 million (or equivalent in Pakistani Rupees) by the company in such wholly-owned subsidiary.
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The investment will be executed in phases, with completion expected within 20 months.
The company is engaged in the manufacture of jute goods, engineering goods, papersack and laminate sheets.
