KARACHI, May 13: A development company of the Federal B Industrial Area has been incorporated with the Securities and SECP, under the Companies Ordinance, 1984.

The company has been registered with the name of FITE Development and Management Company. City Nazim Syed Mustafa Kamal will be its chairman, while Rehan Zeeshan, Chairman of the Federal B Area Association of Trade and Industry, will be chief executive officer of the company.

Development companies are being formed under the directives of President Pervez Musharraf. The purpose of such companies is to execute rapid and planned work for smooth industrialisation by ensuring upgradation of infrastructure and utility facilities in the industrial estates of the city.

The board of these companies comprise 12 directors, of which nine will be appointed and elected from the private sector and three from the government side.