Karachi, Packages Limited informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Lahore on March 12, 2019.
The agenda of the meeting was discussion of consolidated profit and loss account for year ended December 31, 2018 which portrayed a profit of Rs. 1,160,178 with earnings per share 11.45 basic and diluted respectively.
Further, 150% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from April 05, 2019 to April 18, 2019 (both days inclusive).
Packages Limited is a public limited company incorporated in
Pakistan. The company is principally engaged in the manufacture and sale of
paper, paperboard, packaging materials and tissue products. The stocks of the
company are quoted on the Karachi Lahore and Islamabad Stock Exchanges of
Pakistan. The registered office of the company is located in Karachi.
On September 17, 2012 the company has entered into a 50/50 joint venture with the ‘Stora Enso OYJ Group’ of Finland in its 100% wholly owned subsidiary Bulleh Shah Packaging Private Limited. The Joint Venture will include Paper & Paperboard and Corrugated business operations at Kasur and Karachi and will involve initial equity participation of Stora Enso of 35% by way of subscription of right shares with a commitment to increase the shareholding to 50% at a later stage subject to certain conditions being met. The company also decided to close down its Paper and Paperboard operations in Lahore which has divided the business into continuing and discontinued operations.
The symbol “PKGS” is being used by the stock exchanges for the shares of Packages Limited.