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Papyrus Australia Ltd ( (AU:PPY) ) has issued an announcement.
Papyrus Australia Ltd has announced an impairment of its investments in its Egyptian joint venture, PPYEg, and EBFC, reducing their carrying value to nil due to lack of returns and transparency issues. Despite this financial adjustment, the company’s shareholding interest in both entities remains unchanged, indicating a strategic decision to address corporate governance concerns while maintaining its market presence.
More about Papyrus Australia Ltd
Papyrus Australia Ltd is an innovative company specializing in sustainable solutions through its patented technology that processes agricultural waste, particularly from banana plantations, into high-quality alternatives to wood-based, paper-based, and plastic-based products. The company’s process is environmentally friendly, eliminating the need for harmful chemicals and producing a range of eco-friendly materials and packaging.
Average Trading Volume: 512,356
Technical Sentiment Signal: Sell
Current Market Cap: A$5.73M
Find detailed analytics on PPY stock on TipRanks’ Stock Analysis page.