Merit Packaging sells assets to SIZA Services

MG News | May 23, 2024 at 09:50 AM GMT+05:00

0:00

May 23, 2024 (MLN): The management of Merit Packaging Limited (PSX: MERIT) has sold the Land and Factory Building to SIZA Services (Private) Limited, a related party of the company, the company's filing on PSX revealed today.

This transaction will significantly reduce the company's financial cost, alleviating the pressure on the company's bottom line and will allow a new phase of growth and turnaround for the company.

SIZA Services (Private) Limited holds 48,391,907 shares of Merit Packaging Limited.

To recall, the Board of Directors (BoD) of MERIT approved the disposal of its land and factory building located at Korangi Industrial Township on January 10, 2024.

MERIT is primarily engaged in the manufacture and sale of printing and packaging materials.

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