Steniel selling packaging unit based in Mindanao

MANILA, Philippines - Steniel Manufacturing Corp. is selling a Mindanao-based industrial packaging firm, its only operating unit, to several companies.

In a disclosure, the company said its board of directors approved late last year the “the sale of the corporation’s 9.25 million common shares in Steniel Mindanao Packaging Corp.”

It will unload its shares in the packaging firm to Greenkraft Corp., Corbox Corp., Goldenbales Corp., and Rex Chua and Clement Chua.

Steniel Manufacturing said its board designated its chairman “to negotiate the terms of the sale and to execute the deed of assignment and proper instruments of transfer.”

In January to September last year, Steniel Manufacturing posted P37 million in net income, turning around from the P21.56-million net loss a year ago as revenues gained 6.1 percent to P459.975 million from P433.512 million.

Steniel Minda-nao is the lone manufacturing plant of the listed company as operations in Cavite and Cebu stopped in 2007 and 2009, respectively.

Other non-operational subsidiaries are Metroplas Packaging Products Corp., Treasure Packaging Corp., Steniel Carton Systems Corp., and Metro Paper and Packaging Products Inc.

Steniel Manufacturing was incorporated in 1963 to manufacture industrial packaging materials. Its revenues come from the sale of corrugated boards and boxes, and rental income from certain properties that are leased to third parties.

Majority of Steniel Manufacturing’s paper inventory is procured from local paper mills. Other raw materials, which consist mainly of inks, tapes and glue, are sourced from local suppliers.

Its customers include companies in several industries such as agriculture, food, beverage, and other consumer goods.