Karachi: First IBL Modaraba has announced its intention to establish a new subsidiary, according to material information disclosed in compliance with the Pakistan Stock Exchange (PSX) Rule Book. The decision was formalized during a Board of Directors' meeting on October 27, 2026, and the subsidiary is set to explore business opportunities in the Electric Vehicle (EV) Mobility sector, alongside allied businesses and trading activities.

The formation of this subsidiary is contingent upon obtaining necessary regulatory approvals and completing all legal and statutory requirements. This initiative marks a strategic move by First IBL Modaraba to diversify its operations and tap into emerging profitable avenues.

According to information available from the Pakistan Stock Exchange (PSX), this development aligns with the company's long-term growth objectives and reflects its commitment to innovation in the rapidly evolving market landscape.

The proposed venture into the EV sector and trading activities could position First IBL Modaraba as a significant player in these industries, pending the successful completion of the outlined formalities.