Cherat Packaging Limited (PSX: CPPL) has successfully completed the sale of its Papersack production line, known as Line III, securing proceeds of €440,000 from the transaction. The company announced this development to market participants through a notice issued to the Pakistan Stock Exchange (PSX) today.

Following the announcement, Cherat Packaging’s shares experienced a positive uptick. At the time of writing, the company’s shares are trading at Rs118, marking an increase of Rs5.73 or 5.1% from the previous day’s closing price. This rise reflects investor optimism in response to the successful sale.

Cherat Packaging Limited was incorporated in Pakistan as a public company limited by shares in the year 1989. Its main business activities are manufacturing, marketing and sale of paper sacks, polypropylene bags and flexible packaging material.