Newly-listed smartphone assembler and distributor Air Link Communication Limited announced that it will incorporate a wholly-owned subsidiary ‘Select Technologies (Pvt) Limited that would manufacture mobile devices of ‘selected brands, reports BC
Air Link Communication Limited, in its filing to the Pakistan Stock Exchange (PSX) on Wednesday, informed that its “board of directors has decided to incorporate a wholly-owned subsidiary of Air Link Communication Limited in the name and style, ‘Select Technologies (Pvt) Limited”.
The company added that it would be making an investment of Rs500 million at Rs10 per share for the purpose.
“The primary objective of this wholly-owned subsidiary would be to take on additional mobile device manufacturing of certain selected brand(s),” read the statement.
“The authorized share capital of the company be and is hereby increased from Rs4,000,000,000 divided into 400,000,000 shares of Rs10 each to Rs6,000,000,000 divided into 600,000,000 shares of Rs10 each ranking pari passu in every respect with the existing ordinary shares of the Company,” it added.
Back in August, Air Link launched its Initial Public Offer (IPO) that was oversubscribed by 1.6 times.
Book-building resulted in a strike price of Rs71.5 at the end of the two-day process.
