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KARACHI: Packages Limited, the flagship company of the Packages or the Syed Babar Ali Group of Companies, has resolved to develop a real estate project at Lahore, through its 100pc subsidiary, subject to all corporate and customary regulatory approvals.

The company stated in a filing with the stock exchanges on Monday that the board had made the decision in its meeting on May 3.

Although Packages did not specify the kind of real estate project that it intended to venture in, market sources said that it was likely to be a commercial and office complex. The announcement triggered investors’ interest in the Packages stock, which hit its ‘upper circuit’ with a gain of Rs20.28 to close at Rs426 as analysts said it would unlock ‘a lot of hidden value in the company’.

In a generally a dull stock market on Monday, the major sister company, IGI Insurance, which recently announced the acquisition of American Life Insurance, also recorded gains of Rs9.85 to hit its ‘upper limit’ as investors believed the IGI could be a principal gainer due to its huge investment in the group companies, including Packages.—Equities Correspondent