Papyrus Australia Ltd (ASX:PPY) has announced an impairment of its Egyptian joint venture, PPYEg, and its investment in EBFC. Papyrus Australia Ltd is an innovative company and a leader in providing sustainable solutions using its patented technology to process agricultural waste (currently focused on banana plantations) into high-quality alternatives to wood-based, paper-based, and plastic-based products. The Company’s process eliminates the need for harmful chemicals and produces a range of eco-friendly materials and packaging.
The decision to impair the investments comes as Papyrus Australia prepares to release its 2025 Audited Financial Results. According to the company, the write-down is a result of a lack of returns, transparency of operations, and related corporate governance issues associated with both PPYEg and EBFC. In line with accounting standards, the carrying value of the investments will be reduced to nil.
Papyrus Australia clarified that the impairment does not affect the company’s shareholding interest in either PPYEg or EBFC. The company’s ownership stake in both entities remains unchanged despite the write-down in value. The announcement was authorised by the board of Papyrus Australia Ltd.
