Cherat Packaging Limited has completed the sale of its paper bag production line (Line 3), receiving proceeds of €440,000 from the buyer.
The announcement was made in accordance with regulatory requirements and was disclosed to the Pakistan Stock Exchange (PSX) on Thursday.
“We are pleased to announce that Cherat Packaging Limited (the “Company”) has successfully completed the sale of its paper bag production line (Line III), receiving proceeds of €440,000 from the buyer,” Cherat Packaging said in a notice sent to PSX.
The company stated that the sale process is in line with its strategic operational objectives.
Earlier, in August, The Board of Directors of Cherat Packaging Limited has approved the sale of the IV paper bag line In response to the cement industry’s shift from paper containers to polypropylene bags.