Pakistan, Aug. 1 -- International Packaging Films Limited (IPAK) announced to set up a new subsidiary in Portugal on Friday through IPAK Connect Packaging Materials Trading FZCO (IPAK Connect), its wholly owned subsidiary in Dubai, United Arab Emirates.

IPAK informed the Pakistan Stock Exchange in a notice today.

The company added that IPAK Connect resolved to incorporate a wholly owned subsidiary in Portugal, subject to obtaining all necessary legal, regulatory, and corporate approvals. "Once incorporated, the Portuguese entity will be fully owned by IPAK Connect, thereby becoming an indirect wholly owned subsidiary of the Company within the IPAK Group," the notice said.

This new subsidiary aims to enhance the group's commercial prese...