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.
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.