ISLAMABAD: Bestway Cement Limited announced plans to establish a wholly-owned subsidiary in Pakistan’s automobile sector. The company disclosed this decision in its notification to the Pakistan Stock Exchange. The Board of Directors approved the incorporation of a private limited company dedicated to automobile business operations and investments within the country.
Investment Breakdown
The board authorized a financial commitment of up to Rs10 billion for the new venture. The package includes equity investment of up to Rs4 billion and a shareholder loan of up to Rs6 billion. However, the investment remains subject to shareholder approval under Section 199 of the Companies Act 2017.
Regulatory Oversight
This requirement ensures transparent governance and proper oversight of large-scale corporate investments. Shareholder approval will play a crucial role in validating the proposed expansion, according to Mettis Global News.
Future Prospects in Automobile Sector
The new subsidiary will enable Bestway Cement to explore opportunities across the automobile value chain. Potential areas include manufacturing, dealership networks, and related services. Nevertheless, the company has not yet revealed specific business activities or operational timelines.
Diversification Strategy
Industry experts view this move as a diversification strategy by Bestway Cement to expand beyond the cement sector. The development also highlights growing investor interest in Pakistan’s automobile industry despite broader economic challenges.
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What is the Pakistan Origin Card, and who can get it?
The Pakistan Origin Card (POC) program, managed by NADRA, helps eligible overseas Pakistanis (who have also obtained foreign nationality) to reconnect with their Pakistani roots. The program offers multiple visa-free entries into Pakistan and an indefinite stay without police reporting requirements. Cardholders also gain the right to own and manage property nationwide. Furthermore, they can open bank accounts and receive faster immigration clearance at entry points. The POC also serves as proof of identity, replacing the need for a National Identity Card. In addition, holders become eligible for employment opportunities within Pakistan.
Smart POC for Specific Applicants
NADRA issues a Smart POC for certain categories of applicants. This card is designed for individuals or their parents who have renounced Pakistani citizenship and acquired nationality in countries without dual nationality agreements with Pakistan. Moreover, foreign spouses of Pakistani citizens also qualify for this card. The eligibility list includes former Pakistani nationals, foreign nationals with Pakistani lineage, and individuals married to Pakistani or former Pakistani citizens. However, citizens of India, Israel, Taiwan, unrecognized countries, or enemy states remain excluded from the program.
