Ex-Pack Investor Forum concludes
Sri Lankan corrugated carton manufacturer, Ex-Pack Corrugated Cartons Ltd. concluded its virtual investor forum and event for analysts, as the company prepares to go public. Ex-Pack is making an initial public offering (IPO) of its shares, which is due to close on 22 October 2021, and will subsequently be listed on the Colombo Stock Exchange (CSE). The investing community in Sri Lanka, along with many foreign investors, including institutional investors, and market analysts, were able to have in-depth conversations with the key decision makers and stakeholders at Ex-Pack and have their questions answered. Ex-Pack is a wholly-owned subsidiary of Aberdeen Holdings, previously known as Expolanka Investments, one of Sri Lanka’s most respected diversified family businesses for over 30 years.
Managed by investment bankers, Capital Alliance Partners Limited and Asia Securities Advisors (Pvt.) Ltd., Ex-Pack Corrugated Cartons Ltd. will offer 83,333,333 ordinary voting shares (a 25% stake) at a price of Rs. 8.40 per share through its IPO, resulting in a projected market capitalisation of Rs. 2.8 billion. This translates into an estimated forward PER of 7.7x for FY22 and implied TTM PER (as at August 2021) of 8.9x.
Speaking about the event, Ex-Pack Managing Director M. Zulficar Ghouse said: “We’re pleased to say our investor forum concluded successfully. We were able to present our case to investors and discuss our value proposition in-depth. Many interesting questions were also raised and we were able to answer them satisfactorily. Overall, we are confident that our IPO will receive broad-based interest from local and foreign investors. As we draw closer to the closing date, on behalf of the entire management team at Ex-Pack, I take this opportunity to reaffirm our commitment to our prospective investors, customers, people and all other stakeholders. We look forward to unpacking our future as we emerge as Sri Lanka’s preferred packing solutions provider, delivering value to all stakeholders.”
Over two decades, Ex-Pack Corrugated Cartons Ltd. has developed a much-respected local and international presence in the B2B space, with an enviable customer portfolio comprising major corporates and brands in over 8 countries. In Sri Lanka, Ex-Pack leads in terms of both production and exports; which account for 52% of revenue being generated in US dollars. Guided by a strong, diverse leadership team and driven by a commitment to innovation and customer satisfaction, the Company has emerged as the nation’s premier full-service corrugated cartons solutions provider, currently producing one out of every five cartons in Sri Lanka.
Ex-Pack’s product portfolio includes regular slotted cartons, die-cut cartons, laminated cartons and a host of specialised products developed using recycled material. The company has designed and engineered many innovative, benchmark-level products, including lightweight cartons for fresh fish, and garment on hanger cartons, for high-quality apparel to be shipped upright, hung on clothes hangers. Ex-Pack also worked with the Department of Elections to transform ballot boxes in Sri Lanka, crafting them out of corrugated cartons for the first time ever, enhancing security and mobility, during the 2020 General Election. The company serves top corporate customers and brands, worldwide, across a range of industries including FMCG, consumer durables, apparel, tea, and fisheries.