The new joint venture company will be called Bulleh Shah Packaging Ltd and is a joint venture between Stora Enso and Packages Ltd of Pakistan.Stora Enso's initial shareholding will be 35 percent with a commitment to increase the shareholding at the agreed value to 50 percent at a later stage. The joint venture will include the operations of the Kasur mill and Karachi plant currently owned by Packages Ltd.The joint venture will to a large extent provide packaging products to key local and international customers in the fast-growing Pakistani market. The joint venture will employ about 950 people, and its sales are forecast to be 130 million Dollars (99 million Euros) in 2012.The agreed value for 100 percent of the joint-venture company is approximately 108 million Dollars (83 million Euros) on a cash and debt free basis. The total consideration can be up to 125 million Dollars, including an additional maximum performance compensation based on the financial results of the second half of 2012 and the first half of 2013.Stora Enso and Packages Ltd are committed to a substantial 135 million Dollars investment program during 2013 and 2014 to develop the business further."This is an example of Stora Enso's investments in value-creating growth markets. The Pakistani market, with growing demand for packaging products and paperboard, offers an attractive growth opportunity for us, and the joint venture will enable us to increase our capability to serve our key customers," says Mats Nordlander, Executive Vice President, Renewable Packaging Business Area, Stora Enso.The joint-venture transaction is expected to be completed during the first quarter of 2013, subject to competition and regulatory approval and other customary transaction conditions.Packages Ltd is the largest packaging and board producer and converter in Pakistan. It has 3,000 employees. The main assets are located in Lahore and Kasur in the province of Punjab.