AIRLINK 60.84 Increased By ▲ 1.14 (1.91%)
BOP 6.32 Increased By ▲ 0.06 (0.96%)
CNERGY 4.32 Increased By ▲ 0.05 (1.17%)
DFML 15.91 Increased By ▲ 0.21 (1.34%)
DGKC 69.12 Decreased By ▼ -0.08 (-0.12%)
FCCL 18.11 Decreased By ▼ -0.24 (-1.31%)
FFBL 26.37 Decreased By ▼ -0.38 (-1.42%)
FFL 9.18 Decreased By ▼ -0.10 (-1.08%)
GGL 10.21 Decreased By ▼ -0.09 (-0.87%)
HBL 117.06 Increased By ▲ 1.16 (1%)
HUBC 114.31 Decreased By ▼ -0.09 (-0.08%)
HUMNL 6.87 Increased By ▲ 0.07 (1.03%)
KEL 4.87 Decreased By ▼ -0.02 (-0.41%)
KOSM 5.36 Increased By ▲ 0.71 (15.27%)
MLCF 38.50 Increased By ▲ 0.11 (0.29%)
OGDC 123.33 Decreased By ▼ -1.97 (-1.57%)
PAEL 21.78 Increased By ▲ 0.22 (1.02%)
PIAA 11.80 Increased By ▲ 0.93 (8.56%)
PIBTL 6.08 Increased By ▲ 0.06 (1%)
PPL 113.07 Decreased By ▼ -1.03 (-0.9%)
PRL 28.22 Increased By ▲ 0.32 (1.15%)
PTC 11.39 Increased By ▲ 0.49 (4.5%)
SEARL 51.91 Increased By ▲ 0.21 (0.41%)
SNGP 67.35 Decreased By ▼ -0.91 (-1.33%)
SSGC 11.29 Decreased By ▼ -0.13 (-1.14%)
TELE 7.78 Decreased By ▼ -0.02 (-0.26%)
TPLP 11.54 Decreased By ▼ -0.06 (-0.52%)
TRG 71.72 Decreased By ▼ -1.15 (-1.58%)
UNITY 23.04 Decreased By ▼ -0.51 (-2.17%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,717 Increased By 68.3 (1.03%)
BR30 22,517 Decreased By -52.7 (-0.23%)
KSE100 65,326 Increased By 747.2 (1.16%)
KSE30 22,146 Increased By 256.6 (1.17%)

Cherat Packaging Limited (CPPL), a supplier of packaging material to the country’s cement industry, has agreed to sell its papersack Line V for EUR 4.40 million ($4.7 million).

The company, which is engaged in the manufacturing, marketing and sale of paper sacks, polypropylene bags and flexible packaging material, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“We would like to inform that Cherat Packaging Limited has entered into an agreement to sell its papersack Line V for a total consideration of EUR 4.40 million and has received the Letter of Credit for the same from the buyer,” read the notice.

CPPL shared that the dismantling, packing, loading and shipment of the papersack line to the buyer is expected to take approximately three months, after which it will receive sales proceeds.

“As already communicated, the company will be able to meet the demand for papersacks with its Lines Ill and IV having a combined capacity of 160 million papersacks per annum, in case there is demand for it,” read the notice.

Cherat Packaging Limited

Back in July, the Board of Directors of CPPL, citing shift in demand from papersack to polypropylene bags by the cement industry, authorized the management of the company to sell Line V – Universal Papersack Line of the company.

Incorporated as a public limited company in 1989, CPPL has a production capacity of 265 million paper bags and 195 million polypropylene bags per year.

It is the largest supplier of packaging material to cement industry of Pakistan including bags made from kraft paper and polypropylene granules. Moreover, CPPL has expanded its business horizons by supplying packaging material to sugar, chemicals and other allied industries.

Comments

200 characters