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

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	186,518.72 569.86M	0.79% 1456.61
ALLSHR	111,118.66 1,316.08M	0.80% 877.22
KSE30	57,477.09 258.39M	0.70% 397.05
KMI30	263,795.54 229.75M	1.19% 3094.40
KMIALLSHR	71,351.41 638.92M	0.97% 686.81
BKTi	54,665.11 85.30M	0.33% 179.56
OGTi	36,323.86 37.76M	1.28% 460.39

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	91,200.00	94,190.00 90,880.00	-1595.00 -1.72%
BRENT CRUDE	60.15	60.93 59.81	-0.55 -0.91%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-0.45 -0.52%
ROTTERDAM COAL MONTHLY	98.90	99.40 97.85	0.25 0.25%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	56.17	57.17 55.76	-0.96 -1.68%
SUGAR #11 WORLD	14.97	15.04 14.69	0.21 1.42%