Finland based pulp and paper manufacturer Stora Enso has completed the divestment of its 35% stake in Bulleh Shah Packaging (BSP) to the majority share holder Packages Ltd for €6m.
Bulleh Shah Packaging, based in Pakistan, is a joint venture formed between Stora Enso and Packages Limited, that holds 65% stake.
In 2017 Q3 results of Stora Enso, the loss on disposal amounts totaling to €19m will be included as items affecting comparability (IAC). The transaction will enable Packages Ltd to secure 100% ownership of BSP.
Packages Ltd manufactures and sells packaging materials and tissue products. The company's market capitalisation is about $590m.
Stora Enso, established in December 1998, has its head offices in Helsinki and Stockholm. It employs more than 25000 employees across 35 countries.
The firm specializes in packaging, wood products, paper, pulp, biomaterials, wooden construction, bio-composite, pellets, intelligent packaging, paperboard and packaging solutions
In May 2017, Stora Enso has launched updated Ensocoat carton board for luxury brands and graphical industry at Interpack event in Germany.
In January 2017, Stora Enso invested around €9m into its consumer board mills in Finland and Sweden, as part of its efforts to commercialise microfibrillated cellulose (MFC) in paperboard packaging.