PESHAWAR, May 21 (APP): Pakistan Hunting and Sporting Arms Development Company (PHSADC) has been formally merged into Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC), a subsidiary of the provincial government of Khyber Pakhtunkhwa, higher authorities in the Industries, Commerce and Technical Education Department confirmed on Tuesday.
The company, established under Section 42 of the Companies Act, was mandated the uplift of the cluster of hunting and sports arms and its accessories.
The company was having several achievements on its credits and adoption of the reverse engineering for manufacturing of quality hunting and sporting arms by providing facilitation to the arms manufacturers. However, due to financial crunch the company was facing hardship in operation.
The company, after the merger, will now work as Cluster Development Department of the KP-EZDMC with an expanded scope. Before, the amalgamation the company was providing technical assistance to only hunting and sporting arms manufacturers and now it will also provide technical assistance to all kinds of manufacturing industries.
The decision of the merger was reached in 72nd meeting of the provincial cabinet of Khyber Pakhtunkhwa held on June 2, 2022 to transfer the Pakistan Hunting and Sporting Arms Development Company (PHSADC) from the federal government to the KP government.
Following careful deliberations, the federal cabinet also endorsed the proposal, and subsequently, the Board of Directors (BoD) of KP-EZDMC), in its 49th meeting on January 20, 2024, approved the transfer, amalgamation and transfer of PHSADC with KP-EZDMC as per section 284 of the Companies Act 2017.
Furthermore, the Security Exchange Commission of Pakistan (SECP) also approved the amalgamation of the company on April 19, 2024.
According to stakeholders, the merger is set to bring about significant advancements in the industry landscape, as PHSADC has been recognized as a key player in promoting and developing the sporting and hunting sectors of the Khyber Pakhtunkhwa.
With this merger, KP-EZDMC stands to benefit from the advanced capabilities of PHSADC, particularly in the areas of Computer Numerical Control (CNC) established at their Common Facility Training Centre (CFTC).
This technology will empower KP-EZDMC to streamline production process, improve efficiency and deliver high-quality products to consumers.
Furthermore, the stakeholders say that the merger will also open up new horizons for PHSADC, providing access to a wider market through KP-EZDMC’s established network and infrastructure.
The expanded reach will enable PHSADC to showcase its expertise and offerings to wider range of audience, driving growth and innovation within the sporting and hunting sectors.