Merit Packaging Limited has announced the completion of the sale of its land and factory building to SIZA Services (Private) Limited, a related party of the company.
Merit Packaging informed about this development to the Pakistan Stock Excahnge through a notice on Thursday that this move is in accordance with Section 96 of the Securities Act, 2015, and clauses 5.6.1(a) and 5.6.6 of the PSX Regulations.
The transaction was approved by the members of the company during an Extraordinary General Meeting held on February 15, 2024.
“This transaction will significantly reduce the company’s finance cost, alleviating the pressure on the company’s bottom line and will allow a new phase of growth and turnaround for the company,” read the notice.
SIZA Services (Private) Limited currently holds 48,391,907 shares of Merit Packaging Limited.
The company has requested the TRE Certificate Holders of the Exchange to be informed accordingly about the completed transaction.
Merit Packaging Limited was incorporated on January 28, 1980 in Pakistan as a public limited company under the repealed Companies Ordinance, 1984. The company is mainly engaged in the manufacture and sale of printing and packaging materials.
