Karachi, In a recent development, Packages Limited, a prominent name in the packaging industry, has disclosed crucial material information concerning its wholly owned subsidiary, Anemone Holdings Limited, and its subsidiary entity, Flexible Packages Convertors (Proprietary) Limited (FPC), based in South Africa. The disclosure comes in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange Limited (PSX).

FPC, a South African company primarily engaged in the manufacturing and sale of flexible packaging materials, has been undergoing a legally mandated restructuring process to evaluate its profitability prospects and overall operational viability. Packages Limited, through its subsidiary Anemone Holdings Limited based in Mauritius, holds a controlling 63.5% shareholding in FPC.

As part of the disclosure, the Company has provided a disclosure form in compliance with S.R.O. 143(1)/2012 dated December 5, 2012, in conjunction with Sections 96 and 131 of the Securities Act, 2015. This comprehensive disclosure outlines the intricacies of the restructuring process and its potential impact on Packages Limited's financials.

In light of the ongoing restructuring of FPC, Packages Limited has announced that it anticipates recognizing an additional loss of PKR 1,202 million in its financial statements for the first half of the fiscal year, which concluded on June 30, 2023. This recognition of loss underscores the Company's commitment to transparently communicate the financial implications arising from its subsidiary's restructuring process.

This disclosure emphasizes Packages Limited's dedication to adhering to regulatory requirements and ensuring that its stakeholders are well-informed about the ongoing developments that could influence the Company's financial performance.