SHAMK9
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A Finland company is planning to set up a paperboard joint venture in Pakistan with Packages Ltd as it shifts focus from ailing papermaking to healthier areas such as the packaging business, it was learnt on Tuesday.
Stora Enso, which holds 6.4 percent in Packages Ltd, has said it sees fibre-based consumer board consumption in Pakistan growing 9.0 percent annually. It said the joint ventures sales were forecast to be $130 million this year. The Finnish company said both partners will invest $135 million into the joint venture during 2013 and 2014. The agreed value of the company was about $108 million. Stora, saying every third beverage carton in the world is made from its materials, earlier this year announced a plan to invest 1.6 million euros to build a consumer board and eucalyptus pulp mill in China. It had earlier planned to boost its industrial packaging board production in Poland by investing 285 million euros. The Pakistan deal, subject to regulatory approval, is seen being completed in the first quarter of next year.
Stora Enso, which holds 6.4 percent in Packages Ltd, has said it sees fibre-based consumer board consumption in Pakistan growing 9.0 percent annually. It said the joint ventures sales were forecast to be $130 million this year. The Finnish company said both partners will invest $135 million into the joint venture during 2013 and 2014. The agreed value of the company was about $108 million. Stora, saying every third beverage carton in the world is made from its materials, earlier this year announced a plan to invest 1.6 million euros to build a consumer board and eucalyptus pulp mill in China. It had earlier planned to boost its industrial packaging board production in Poland by investing 285 million euros. The Pakistan deal, subject to regulatory approval, is seen being completed in the first quarter of next year.
