The joint venture will to a large extent provide packaging products to key local and international customers in the fast-growing Pakistani market.

Stora Enso’s initial shareholding is 35% with a commitment to increase the shareholding at the agreed value to 50% at a later stage subject to certain conditions being met. The agreed value for 100% of the joint-venture company is approximately EUR 83 million on a cash and debt free basis. The cash consideration for the 35% shareholding amounted to approximately EUR 30 million in the second quarter of 2013.