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One of the most iconic and recognizable companies in Pakistan, Packages Limited (PKGS) has established a wholly owned foreign subsidiary in the United Arab Emirates (UAE). This is the company’s first subsidiary in the UAE and a continuation of its establishment of subsidiaries outside Pakistan. PKGS made the announcement to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to inform you that this subsidiary has been incorporated under the Dubai Integrated Economic Zone Authority Implementing Regulations 2022 and registered with the Dubai Integrated Economic Zone Authority under the name Packages Trading FZCO. The subsidiary will be principally engaged in commercial trading , with import-export, distribution and warehousing as auxiliary activities.”
Established in 2021, the Dubai Integrated Economic Zone is a supporter and enabler of the three major free zones in Dubai, namely Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City. It aims to strengthen Dubai’s global leadership by offering sophisticated integrated multimedia systems based on the highest standards, an extensive global network, and a comprehensive portfolio of innovative solutions that meet the expectations of customers across key industries.
The PKGS Board of Directors (BOD) meeting held on 27 April 2022 last year approved the establishment of the UAE subsidiary. Packages Trading FZCO was formed upon completion of all regulatory approvals.
Company Profile
Packages Ltd underwent an internal restructuring in 2020 to become a holding company. It transferred its manufacturing operations, including folding carton, flexible packaging, consumer goods, machinery manufacturing and roll sleeves, together with all related assets and related liabilities, to its wholly-owned subsidiary (“Packages Convertors Limited”). The purpose of this arrangement is to develop operational synergies across businesses, manage operations in a centralized manner and simplify the ownership structure.
This means that Packages Limited’s performance is dependent on the operations of its subsidiaries Packages Convertors, Bulleh Shah Packaging (Private) Limited, DIC Pakistan Limited and Packages Real Estate (Private) Limited. Bulleh Shah Packaging had the highest net sales of any subsidiary.
Since beginning operations in 1956, Packages has been at the forefront of innovation and leading business in the country. The Lahore-based multinational packaging company was founded by Syed Babar Ali, one of the sons of legendary colonial-era Lahore businessman Syed Maratib Ali, as a joint venture between Wazir Ali Group and two Swedish companies called Akerlund and Rausing.
The group now owns several companies including Coca-Cola Bottling Plant in Lahore, Packages Mall, Milkpak, IGI General Insurance, Treet Corporation, Tullo Cooking Oil, etc.
The principal activity of the company is the management of investments in its subsidiaries, associated companies and joint ventures, engaged in various businesses, including the manufacture of packaging materials, tissue, consumer goods, industrial inks, paper, cardboard products and corrugated boxes, biaxially oriented polypropylene ( ‘BOPP’) and cast polypropylene (‘CPP’) films, ground calcium carbonate products, insurance, power generation and real estate.
For the last quarter ended September 2022, the company posted a profit after tax (PAT) of Rs 1,098 crore compared to Rs 1,535 crore in the previous quarter. Earnings per share (EPS) for the quarter was Rs 12.29 compared to Rs 17.17 in the preceding quarter.
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