LAHORE: A bourse notification filed by Cherat Packaging Limited Monday revealed its flexible packaging project will come online by mid-half of 2018.
In light of PSX regulations, Cherat Packaging Limited (CPL) submitted its quarterly progress report on implementation of project finance through issuance of right shares. In August, the company had issued 13.50 percent right shares for the funding of this project.
The notification read “The company has placed the order for the main equipment with Windmoller & Holscher, which is a leading machine supplier for packaging industry.”
CPL will become the first company in Pakistan to come up with the extrusion, Roto/Flexo printers and cylinder making machines all at the same time. And orders for other equipment have also been placed besides contract have also been awarded for civil works, read the notification.
The proceeds from the 13.5 percent right shares issue are being utilized for funding the flexible packaging project and it is expected to come online by July 2018. CPL said the purpose of setting up this flexible plant, is to diversify its operations, read the notification.
Cherat Packaging Limited manufactures, markets, and sells paper sacks and polypropylene bags for the cement industry in Pakistan and internationally. It also offers bags to sugar, wheat, chemical, and other sectors.
At time of filing this report, CPL shares were trading at Rs200.0, down Rs4.0 and KSE-100 index was trading at 42,374,35 points, down 559.37 points from its opening on Monday.
