Cherat Packaging to Sell One of its Papersack Production Plants Due to Falling Demand

The Board of Directors of Cherat Packaging Limited (PSX: CPPL) has authorized the management to sell Papersack Line-IV of the company, CPPL said while unveiling its financial results for the year ended June 30, 2024. The company will be able to meet the demand for papersacks with its Line III having a capacity of 55 million papersacks per annum. CPPL has opted for this in view of the shift in demand from papersacks to polypropylene bags by the cement industry. CPPL’s main business activities are manufacturing, marketing, and sale of paper sacks, polypropylene bags, and flexible packaging material. The company’s scrip at the bourse closed at Rs. 114.87, up 0.66 percent or Rs. 0.75 with a turnover of 91,221 shares on Thursday.