Tri-Pak Films plans Rs2.2bln upgrade

KARACHI: Tri-Pak Films Limited hit upper price circuit of 5.0 percent at the bourse on Monday, after the company announced Rs2.2 billion upgradations to cater to the export and local markets.

Tri-Pack Films is a public limited company and a joint venture between Mitsubishi Corporation of Japan and Packages Limited of Pakistan.

“The board of Tri-Pak Films approved investment to the tune of Rs2.2 billion to acquire state of the art machinery for the production of specialised films and transparent and high strength metalised films for the first time in Pakistan to cater to the export and local markets,” Adi J Cawasji, company secretary at Tri-Pak Films, said in a notice to the stock exchange.

Additionally, the investments also aim to improve efficiencies in the existing operations. The cash outflow for the project would span around 12 months and would be sourced from in-house cash generation and borrowing from financial institutions. For the year ended December 31, 2017, Tri-Pak Films posted a net profit of Rs572.64 million translating into earnings per share of Rs14.76.