Ex-Pack to expand global footprint | Page 2 | Sunday Observer

Ex-Pack to expand global footprint

17 October, 2021

Ex-Pack Corrugated Cartons Limited, a leading corrugated carton manufacturer in the country targets manufacturing 4,000 MT of cartons with the opening of its state-of-the-art factory around 2025, said Ex-Pack Managing Director M. Zulficar Ghouse at a media briefing last week on the company’s plans to go public this month.

The company will invest around Rs. 2.9 billion on the modern facility which will be built on a 10-acre block of land.

“We will increase the production capacity from the current level of around 2.700 MT to around 4,000 MT in the initial years of commencing operations,” Ghouse said.

The company notched around 23 percent growth year-on year and aims at a higher growth rate following the country returning to normalcy and the revival of the economy soon. The country exports to over 15 countries and plans to expand its footprint in the African region.

“We have a strong presence in Madagascar and hope to expand our base in the African region shortly,” Ghouse said.

Ex-Pack is making an initial public offering (IPO) of its shares, which is due to close on October 22 and will subsequently be listed on the Colombo Stock Exchange. 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, a diversified family business for over 30 years.

Managed by investment bankers, Capital Alliance Partners Limited and Asia Securities Advisors (Pvt) Ltd, Ex-Pack Corrugated Cartons Limited 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 capitalization 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.

Over two decades, Ex-Pack Corrugated Cartons Limited, has developed a 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 diverse leadership team and driven by a commitment to innovation and customer satisfaction, the Company produces 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, crafting them out of corrugated cartons for the first time ever, enhancing security and mobility, during the 2020 General Election.

The Company serves corporate customers and brands, worldwide, across a range of industries including FMCG, consumer durables, apparel, tea and fisheries.