StarchPack granted Rs250m capital injection, Rs750m long-term loan by Packages Limited
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MG News | August 28, 2023 at 10:13 AM GMT+05:00
August 28, 2023 (MLN) The Board of Directors of Packages Limited (PSX: PKGS) endorsed a resolution aimed at infusing capital into its subsidiary, StarchPack (Private) Limited (StarchPack), latest company’s filing on the PSX showed today.
This strategic move involves an allocation of up to Rs250 million in capital injection. Additionally, the board also sanctioned the provision of an interest-bearing, unsecured long-term loan to StarchPack, amounting to a maximum of Rs750m.
This loan, repayable over a five-year term, includes a two-year grace period.
StarchPack is a wholly owned subsidiary of PKGS and its business model is manufacturing and sale of corn-based starch products, its derivates, and by-products.
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