According to the bank website, "the proposed investment will support Packages Limited to: (i) debottleneck its flexible packaging and carton line operations; (ii) undertake certain resource efficiency measures identified by IFC Advisory Services to conserve energy and water usage; and (iii) increase investment in one of its overseas subsidiaries."
According to IFC, Packages was founded in 1957 by the Wazir Ali family, who is the key sponsor shareholder. The Ali family and associate companies holds about 54.49% in Packages. The balance is held by local institutional investors (10.92%), general public (21.56%), Stora Enso (6.04%) and foreign investors (6.99%).
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Head of Packaging
Shahrah-e-Roomi, P.O. Amer Sidhu, Lahore-54760, Pakistan
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/