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SBP awards licence to International Industries to operate in North America

SBP awards licence to International Industries to operate in North America

KARACHI: The Board of Directors and management of International Industries Limited (IIL) have announced that the State Bank of Pakistan (SBP) has granted the permission to the company to operate marketing activities through wholly-owned subsidiary i.e. IIL Americas Inc. (IILAI), Canada, informed the company in a statement to the Pakistan Stock Exchange (PSX) on Friday.

The statement further said that their subsidiary will represent IIL in North America to promote, market and sell the company’s products in the region and explore further expansion possibilities subject to applicable local and international’s regulatory approvals.

According to the company’s statement, this venture will also enable the company to utilise and expand its current capacity and improve export volume in a higher margin territory, offsetting the impact of the slowdown in its traditional export markets.