Steniel sells shares in Mindanao subsidiary

5 January 2014 (Last Updated January 5th, 2014 18:30)

Philippines-based Steniel has sold common shares in its subsidiary Steniel Mindanao Packaging to Greenkraft, Corbox, Goldenbales, Rex Chua and Clement Chua.

Philippines-based Steniel has sold common shares in its subsidiary Steniel Mindanao Packaging to Greenkraft, Corbox, Goldenbales, Rex Chua and Clement Chua.

Steniel Mindanao is the company's only subsidiary, which is currently operational in Davao city.

The other two non-operating subsidiaries of Steniel include Steniel Cavite Packaging and Treasure Packaging.

"Steniel Mindanao is the company's only subsidiary, which is currently operational in Davao city."

Steniel Cavite was closed in 2007 due to unfavorable economic and market conditions that resulted in continued losses.

In 2009, the company also ceased operations at its Treasure Packaging Corp subsidiary in Cebu when it failed to settle rental fees.

A share purchase agreement was signed between Steniel and Right Total Investments two years ago for the acquisition of Steniel (Netherlands) (SNH).

SNH is said to own a stake of 72.09% in Steniel.

Steniel is engaged in the production and sale of industrial packaging materials, corrugated boards and boxes.

The group manufactures industrial packaging materials and its revenues primarily come from the manufacture and sale of corrugated boards and boxes.