Shares in Greenock-based packaging firm British Polythene Industries (BPI) rose more than 8% after it said it completed the sale of its subsidiary BPI China to Amcor (China) Investment Co for £9.7 million and that first quarter trading had been strong.

BPI said proceeds from the sale would be used to reduce borrowings.

In a trading update, BPI said performance in the first quarter “has been strong and ahead of management’s expectations, having benefited, in particular, from lower energy costs and favourable currency translation effects.”