Stora Enso has signed an agreement to divest its 35% holding in the equity accounted investment Bulleh Shah Packaging Ltd. (BSP) in Pakistan to the main owner Packages Ltd. The transaction is expected to be completed in the 3Q 2017, as the company says in the press release received by Lesprom Network.
The cash consideration for the divestment of the shares is Euro 6 million. The loss on disposal amounts in total to approximately Euro 19 million. These will be recorded as items affecting comparability (IAC) in Stora Enso’s 3Q 2017 results. With this transaction, Packages Ltd. will achieve full ownership of Bulleh Shah Packaging Ltd.
Packages Limited is principally engaged in the manufacture and sale of packaging materials and tissue products.
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets.
