Karachi, Packages Limited informed Pakistan Stock Exchange that transfer of manufacturing businesses including folding cartons, flexible packaging, consumer products and mechanical fabrication & roll covers along with all relevant assets, operations and corresponding liabilities (the Converting Business) of the Company into 100% wholly owned subsidiary Packages Convertors Limited subject to applicable corporate and regulatory approvals.
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.