KARACHI: Packages Limited has announced Rs2.8 billion capital expenditure investment plans by Bulleh Shah Packaging, a 100% wholly owned subsidiary of Packages Limited.

“Bulleh Shah Packaging (BSPL) has informed the company through its letter dated April 20, 2021 that the Board of Directors of BSPL, in its meeting held on April 16, 2021, has approved an investment in a new state of the art corrugated packaging line with expected name plate capacity of 115,000 tons per annum and estimated project cost of up to Rs 2.8 billion subject to exchange rate fluctuations and changes in duties/taxes, if any,” a bourse filing said.

The project will be financed primarily with a mix of debt and internal cash generation and is expected to start commercial operations during first half of the year 2023.

This expansion is in continuation of the expansion plans of BSPL under which BSPL is in the process of capacity expansion of its paper and board manufacturing operations by an additional 120,000 tons per annum, bringing the total capacity to 360,000 tons per annum approximately.

“The Board of Directors of BSPL believe that these investments will be beneficial for its shareholders in long run and demonstrates it’s commitment to meet increased demand of corrugated packaging within the country with enhanced quality, more convenience and improved delivery times,” the bourse filing added.

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BSPL is engaged in the business of manufacture and sale of paper and paperboard of all kinds and corrugated boxes with manufacturing facilities based in Kasur and Karachi.

Bulleh Shah Packaging is leading the market of corrugated packaging together with being the largest Renewable Packaging facility and the only Liquid Packaging Board providing facility throughout the nation. Bulleh Shah Packaging works with all kinds of industries; ranging from Textiles, Dairy, Snacks, Electronics and many more. www.bullehshah.com.pk

Packages Limited is a Pakistani multinational packaging company based in Lahore, Pakistan. The company was founded in 1956. The company is known for their tissue brand, Rose Petal. The company is listed on the Pakistan Stock Exchange. www.packages.com.pk