Cherat Packaging agrees to sell Papersack Line V for €4.4m

By MG News | December 06, 2023 at 10:02 AM GMT+05:00

0:00

December 06, 2023 (MLN): Cherat Packaging Limited (PSX: CPPL) has entered into an agreement to sell its Papersack Line V for a total consideration of €4.4 million and has received the Letter of Credit for the same from the buyer, the company informed through a notice sent to the local bourse today.

The dismantling, packing, loading, and shipment of the Papersack Line to the buyer is expected to take approximately three months, after which sales proceeds shall be received by the company, it said.

The company will be able to meet the demand for papersacks with its Lines III and IV having a combined capacity of 160m papersacks per annum, in case there is demand for it.

To note, the Board of Directors (BoD) of CPPL had authorized the management to sell line V earlier in June this year in view of the shift in demand from papersack to polypropylene bags.

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