JK Paper on a roll owing to sale of stake in Oji JK Packaging
DSIJ Intelligence / 23 Dec 2016
JK Paper’s subsidiary, Oji JK Packaging (OJPPL) is to sell 20 per cent stake to Oji Holdings Corporation, Japan (OHC), Marubeni Corporation, Japan.
JK Paper’s subsidiary, Oji JK Packaging (OJPPL) is to sell 20 per cent stake to Oji Holdings Corporation, Japan (OHC), Marubeni Corporation, Japan. OJPPL will be selling the stake pertaining to manufacturing and sale of corrugated packaging products. The transaction is of the order of 125.90 lakh equity shares of Rs 10 each.
The board of directors has decided at its meeting of committee of directors to sell the 20 per cent shareholding of OJPPL to OHC, one of the joint venture parties.
On the financial front, JK Paper’s revenue has increased by 14.7 per cent to Rs 685 crore in Q2FY17 as compared to same period in previous financial year. The company’s operating profit too has risen by 31.84 per cent to Rs 134 crore in Q2FY17 on a yearly basis. Its net profit also has boosted more than two folds to Rs 44 crore in Q2FY17 as compared to same period in previous fiscal year.
The share price of JK Paper has increased by 5.2 per cent on bourses in early trades and is trading at Rs 86.25 on an intraday basis.
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