The Board of Directors (BoD) of Packages Limited (PSX: PKGS) has accorded its approval for injection of up to Rs. 3 billion into its 100 percent wholly owned subsidiary StarchPack (Private) Limited (StarchPack).
The BoD has accorded its approval for injection of up to Rs. 3 billion in various forms including ordinary share capital, subordinated debt and conversion of any prior loan to equity into StarchPack, the company said in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The injection is subject to compliance with applicable laws and fulfilment of applicable corporate and regulatory approvals, if any.
StarchPack is a wholly owned subsidiary of the company and is involved in the manufacturing and sale of corn-based starch products, its derivatives and by-products.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
