Karachi: In a notification sent to the bourse on Tuesday, Packages Limited announced that it had completed its 35pc acquisition of Stora Enso’s stake in Bulleh Shah Packaging (Private) Limited.
This 35pc stake cost Packages Ltd $7.344m and with the conclusion of this transaction, Bulleh Shah Packaging is now its wholly-owned subsidiary with 100pc shareholding.
At end of July, Profit had reported that Stora Enso, one of the world’s biggest manufacturers of graphic papers for newsprint and magazine paperhad offloaded 35pc of its holding equity in Bulleh Shah Packaging Limited (BSP).
The decision was taken amidst a fall in demand for graphic paper because of publishing moving online and the company’s decision to divert its focus more towards pulp and packaging board.
At the time of filing this report. Packages Limited shares on Monday closed at Rs600.00, down Rs13.34. The KSE-100 index was trading at 43,079.34 points, up 237.93 points 45 minutes after PSX opening on Tuesday morning.
