Karachi November 10, 2021: Pakistan Stock Exchange has notified that trading in the shares of Synthetic Products Enterprises Limited (SPEL) will be suspended w.e.f. November 11, 2021. SPEL has recently announced book closure from November 15, 2021 to November 21, 2021 vide letter dated November 05, 2021 (notified through PSX website), to give effect to the change in face value SPEL’s shares from PKR 10/- to PKR5/-.
Trading in the shares of the Company shall be resumed from November 22, 2021. On 22nd November the opening price of the shares of SPEL will be half of the closing price of its shares on the last day of trading i.e. November 10, 2021. The total number of shares of the Company will be twice as per existing number of shares, however, the paid-up capital of SPEL shall remain unchanged.
A L S O || R E A D
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Synthetic Products Enterprises Limited was incorporated in Pakistan on 16 May 1982 as a private limited company. The Company converted into public limited company on 21 July 2008 and subsequently listed on Pakistan Stock Exchange on 10 February 2015.The Company is principally engaged in the manufacturing and sale of plastic auto parts, plastic packaging for food and FMCG industry and moulds & dies.
The company essentially operates in the packaging industry; however, its product portfolio caters to a wide range of industries. The company produces plastic containers, spoons, cups, glasses, plastic crates in addition to automotive parts and of road vehicle parts.
Some of its widely known customers include Nestle, Unilever, Pepsi, Martin Dow, Toyota, Suzuki, Honda among many others.
Despite the challenging times the company managed to remain more or less stable in terms of profitability. Since the company caters to FMCGs, its performance is impacted by consumers’ willingness and ability to spend. Thus, with a gradual stability in the economy and a restoration of confidence in the consumers, there will be more spending hence more demand for the company’s products which may improve performance of the company in the future. According to the company’s recent report, the company is optimistic about its performance.
