Cherat Packaging finalizes sale of Papersack production line for €440,000

Cherat Packaging Limited has completed the sale of its Papersack production line (Line III), securing proceeds of €440,000 from the buyer.

The announcement was made in compliance with regulatory requirements and disclosed to the Pakistan Stock Exchange (PSX) on Thursday.

"We are pleased to announce that Cherat Packaging Limited (the "Company") has successfully completed the sale of its Papersack production line (Line III), receiving proceeds of Euro 440,000/- from the buyer," Cherat Packaging said in a notice sent to the PSX. 

The company stated that the sale aligns with its strategic operational goals. 

Earlier, in August, the Board of Directors of Cherat Packaging Limited approved sale of Papersack Line IV in response to the cement industry's shift from paper packs to polypropylene bags.