Kassim-family owned Expack Corrugated Cartons plans IPO on CSE

Sri Lanka’s largest corrugated cartons manufacturer Kassim-family owned Expack Corrugated Cartons (Pvt) Ltd. has officially commenced the process for an Initial Public Offering (IPO) on the Colombo Stock Exchange (CSE), Mirror 
Business learns.

Expack Corrugated Cartons is part of Kassim-family owned diversified conglomerate, Aberdeen Holdings (formally known as Expolanka Investment Pvt Ltd). Established in 1998, Expack is the country’s top manufacturer of corrugated cartons accounting for over 18 percent market share.

Capital Alliance Limited (CAL) and Asia Securities have been appointed as the joint managers and financial managers to the issue.

In the 2021 financial year, the company’s revenue was recorded at Rs.5 billion with export income accounting for 50 percent of it.

The company currently exports to eight markets and has expanded its operations into the Maldives, Qatar and Seychelles.

Expack ‘s current customer base includes a diverse mix of businesses engaged in FMCG, pharmaceuticals, food manufacturing, tea exports, garments & accessory suppliers, fruits/vegetables exports, bicycle manufacturing and seafood exports. In addition to traditional corrugated cartons manufacturing, Ex-pack has also ventured into an innovative storage solution covering the garment industry as well as paper-based environmental and eco-friendly warehousing accessories. As of 2018/19, Expack’s production capacity stood at 24,000 metric tonnes per annum.