Stora Enso to set up an jv in Pakistan
To establish a joint venture called Bulleh Shah Packaging (Private) Limited, Stora Enso has signed an agreement with Packages Ltd, one of the largest packaging and board producer and converter in Pakistan. Stora Enso’s initial shareholding will be 35 percent with a commitment to increase the shareholding at the agreed value to 50 percent at a later stage subject to certain conditions being met. The joint venture will include the operations of the Kasur mill and Karachi plant currently owned by Packages Ltd to provide packaging products to key local and international customers in the fast-growing Pakistani market.
“With growing demand for packaging products and paperboard, the Pakistani market offers an attractive growth opportunity for us and the joint venture will enable us to increase our capability to serve our key customers,” says Mats Nordlander, executive vice president, renewable packaging business area.