LAHORE: Tri-Pack Films Limited in a notification to Pakistan Stock Exchange (PSX) on Monday announced that it has approved investments amounting to Rs2.2 billion. The decision was taken by the company in a meeting held on March 4.
The notification read that, “The investments are to acquire state of the art machinery, for the production of specialised films and transparent and high strength metalised films for the first time in Pakistan to cater to the export and local markets.”
“Additionally the investments are also aimed to improve efficiencies in the existing operations. The cash outflow for the project would span around 12 months and shall be sourced from in-house cash generation and borrowing from financial institutions. The cost of projects is sensitive to exchange fluctuations and may change in duty/taxes,” it further read.
Tri-Pack, incorporated in 1993, is a joint venture Mitsubishi Corporation of Japan and Packages Limited of Pakistan. The company produces Biaxially Orientated Polypropylene (BOPP) Films and has its head office in Karachi, and regional offices in Lahore and Hattar.
On Monday, Tri-Pack hit its upper lock, with an increase of 4.99 per cent in its share price. An abnormally high activity was noticed with the price increasing from Rs165 to Rs170 within the first hour of trading. Another jump to Rs174.47 was witnessed within minutes of the issuance of this notification.
At 3.40 pm, Monday, the KSE-100 index was trading at 43,833.88 points up 0.23 per cent.
