Century Papers and Board Mills signs Rs13b agreement with South Korean firm

CEO says deal will create job opportunities and increase economic growth

KARACHI: Century Papers and Board Mills Limited (CPBML), the manufacturer of paper and paper boards in the country, has signed an agreement worth Rs13 billion with South Korea’s Pasco Daewoo Corporation (PDC), with an eye on future expansion.

The signing ceremony took place at a local hotel in which Century Papers and Board Mills Limited Chairperson Iqbal Ali Lakahni, Singapore’s Honorary Consul General Amin Muhammad Lakhani, South Korea’s Consul General Kim Young Sang, Century Papers CEO Aftab Ahmad, Pasco Daewoo Corporation’s CEO and officials from both groups participated.

Aftab Ahmad said that “with a capacity of producing 700 million tons of papers a year, century paper and board mills is among Pakistan’s biggest companies which makes high-quality paper boards and is a major source of revenues for the country.

“The company in view of the country’s economic growth and accelerating population has started a project aimed at increasing the company’s growth,” he added. “An investment of $120 million is being made through which eight plants will be installed, increasing the production to 130,000 tons, with project expected to complete within two years.

“This deal will not only strengthen CPBML but will also create job opportunities and increase economic growth. The completion of the project will prove to be an important step in the self-sufficiency of paper mills in Pakistan,” Ahmad stated.

Published in The Express Tribune, November 30^th, 2017.

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