Papyrus Australia Limited acquired an additional of 13.164% stake in Egypt Banana Fibre Company for AUD 0.32 million.

Papyrus Australia Ltd is an Australia-based technology licensing company. The Company is focused on developing partnerships with local organizations in banana growing regions, to establish banana processing facilities for the conversion of banana plantation waste into molded food packaging products. It has created a mechanical process that converts banana plantation waste into commercial quantities of banana fiber pulp, fertilizer, food packaging and other consumable products. It operates two commercial-scale facilities in Egypt, including a processing plant converting banana waste into pulp and fertilizer and a separate facility converting pulp into food packaging products using fiber molding machines. It produces products from existing agricultural-waste, using a zero-waste process. It produces commercial quantities of biodegradable molded food packaging using off-the-shelf molding machines. Its technology converts banana tree waste into useable products, such as liquid fertilizer.