Pakistan packaging maker to engage into corn-based starch business

Pakistan multinational packaging company, Packages Limited, has approved the formation of a wholly-owned local subsidiary, which will be engaged in the business of manufacturing and distributing corn-based starch and its directive products.

“The Board of Directors of Packages Limited has approved the formation of a wholly-owned local subsidiary, which will be engaged in the business of manufacturing and distributing corn-based starch and its derivative products subject to all applicable regulatory approvals,” stated the company.

The BOD of the company believes that its investment will be beneficial for the shareholders of the company in the long run.

Days ago, Packages Limited subsidiary Bulleh Shah Private Limited (BSPL) approved a multi-billion rupees investment plan to enhance capacity.

“The Board of Directors of the BSPL, in its meeting held on April 16, 2021, has approved an investment in a new state-of-the-art corrugated packaging line with an expected nameplate capacity of 115,000 tons per annum and estimated project cost of upto Rs2.8 billion subject to exchange rate fluctuations and exchanges and duties/taxes if any,” said the company in a statement on Wednesday.