Polyplex Corporation completes acquisition of Peninsula Beverages

Polyplex Corporation’s board of directors have acquired entire equity stake in its step down wholly owned subsidiary company viz. Peninsula Beverages and Foods. The company has acquired this stake from its wholly owned subsidiary Polyplex (Asia) Pte, Singapore. Post this acquisition Peninsula Beverages has become direct wholly owned subsidiary of the company.

On financial front, Polyplex Corporation’s revenue has declined by 2.23 per cent in Q1FY17 as compared to same period in previous financial year. The company’s EBITDA has risen more than double to Rs 122 crore in Q1FY17 on a yearly basis. It has posted net profit of Rs 48.72 crore in Q1FY17 against net loss of Rs 13.03 crore in Q1FY16.

The share price of Polyplex Corporation has increased by 4.35 per cent on bourses in early trades; and is trading at Rs 297.6 on an intraday basis.

Polyplex Corporation is a producer of thin polyester (PET) films. The company manufactures plastic films and resins. Its polyester capabilities include both thin and thick PET films in a range of thickness and surface properties covering a spectrum of applications. Polyplex Corporation’s business portfolio includes biaxially oriented polypropylene (BOPP) film and cast polypropylene (CPP) film.