IGI Insurance to buy 6% stake in Packages from Stora Enso

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MG News | February 22, 2024 at 03:16 PM GMT+05:00

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February 22, 2024 (MLN): The Board of Directors of IGI Insurance Limited (PSX: IGIIL) has accorded approval to acquire 6.04% shareholding in Packages Limited (Packages), a listed associate concern of the IGIIL, the company informed through a notice sent to the Pakistan Stock Exchange today.

This proposed transaction involves the acquisition of 5,396,650 ordinary shares from Stora Enso AB at an acceptable price range.

Moreover, it is subject to the approval of the shareholders and applicable regulatory/corporate approvals.

The Chief Executive Officer and Chief Financial Officer of IGIIL have been jointly and/or singly authorized to take such necessary steps as are applicable in accordance with applicable laws including but not limited to negotiations with Stora Enso AB.

Packages Limited is a public limited company incorporated in Pakistan. It is principally engaged in the manufacture and sale of packaging materials and tissue products.

It also hold investments in other companies.

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