IFC approves $25m loan for Pakistan-listed Packages Limited

International Finance Corporation (IFC) has approved a proposal to extend a $25-million senior loan to Pakistan-based Packages Limited to help the packaging firm refine its operation and increase investment in its overseas business.

The Lahore-based company is listed on the Pakistan Stock Exchange.

Packages is looking to invest $41 million to debottleneck its flexible packaging and carton line operations, undertake certain resource efficiency measures, and further invest into one of its overseas subsidiaries, according to IFC.

In May 2019, IFC proposed to make the loan financing after it had provided fee-based resource efficiency advisory to Packages in 2016 and 2018.

“IFC financing will provide the company with access to long-term foreign currency-denominated funding, which is not available in the local market,” the World Bank Group’s private lending arm said in the latest approval.

Packages was founded in 1957 by the Wazir Ali family, who along with their associate companies hold about 54.5 per cent in the business. Local institutional investors own 10.92 per cent, while Finnish packaging firm Stora Enso holds another 6.04 per cent and other foreign investors have 6.99 per cent. The remaining 21.56 per cent shares are held by general public investors.

In recent investment proposals in the South Asian region, IFC is likely to extend a $35-million funding in the form of secured non-convertible debentures in JK Paper Limited, an Indian producer of papers and packaging boards.

IFC is considering a proposal to invest $57 million in Yoma Micro Power, which builds, owns and operates small scale power plants and solar-powered mini-grids in Myanmar. And, the World Bank Group member is considering a loan of up to $50 million to Sri Lanka’s Commercial Bank of Ceylon.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.