UFLEX Limited announced the incorporation of a step-down wholly-owned subsidiary, FLEX FILMS AZB AFEZCO., in Azerbaijan on 17 Mar 25. The subsidiary was incorporated through Flex Middle East, FZE, Dubai, which is a wholly-owned subsidiary of UFLEX.

FLEX FILMS AZB AFEZCO. has a share capital of USD 50,000 and is established to set up a manufacturing facility for Biaxially Oriented Polypropylene (BOPP) Packaging Film in Azerbaijan. The manufactured films will be sold in the domestic market, as well as in other adjoining CIS and European countries.

The incorporation is a related party transaction, as the step-down subsidiary is related to UFLEX and its other subsidiaries. The initial share capital contribution will be made in cash at face value by Flex Middle East, FZE, Dubai, acquiring 100% shareholding.