Finnish forest firm Stora Enso is to set up a paperboard joint venture in Pakistan with Packages Ltd as it shifts more focus from paper to the packaging business, it said on Tuesday.
Stora Enso said the joint venture's sales were forecast to be $130 million this year, and the agreed value of the company was about $108 million. Both companies will invest $135 million during 2013 and 2014, Stora said.
The deal, subject to regulatory approval, is seen to be completed during the first quarter of next year.
Source: Business Recorder
Note: The value of JV of USD 108 million seems to be misprinted in the news paper articles and should be USD 180 million based on equal invest of USD 135 million by each joint-venture partner.
