The Board of Directors of Packages Limited has approved the formation of a wholly-owned local subsidiary to carry out corn-based starch business, a notification submitted to Pakistan Stock Exchange (PSX) on Monday detailed.
The new subsidiary will be “engaged in the business of manufacturing and distributing corn-based starch and its directive products”, according to the notification, and its approval is subject to all the regulatory requirements.
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The Board of Directors believes that this investment will be beneficial for the company’s shareholders in the long run.
Last week, Packages Limited subsidiary Bulleh Shah Private Limited (BSPL) approved a multi-billion rupees investment plan to enhance capacity.
Packages Limited has continued to diversify in a whole range of businesses, and it currently has notable names like Tri-Pack Films Limited, IGI Holdings Limited, IGI Insurance Limited, and Packages Mall under its umbrella.
