January 15, 2021 (MLN): Packages Limited has announced that its 100% wholly owned subsidiary Packages Convertors Limited has received final approval of Securities and Exchange Commission of Pakistan (SECP) for issuance of 30,829,021 ordinary shares (of Rs. 100 each) to its parent company.
This is in continuation of the company’s earlier announcements regarding the transfer of manufacturing businesses including folding cartons, flexible packaging, consumer products and mechanical fabrication & roll covers along with all relevant assets, operations, and corresponding liabilities (the Converting Business) of the Company to Packages Convertors Limited, subject to applicable corporate and regulatory approvals.
Subject to certain conditions, the transfer of shares will be done for a consideration other than cash i.e. against transfer of Converting Business based on net carrying values as of June 30, 2020.
This is in continuation of the in-principal approval received from SECP by Packages Convertors Limited dated January 22, 2020 and the Company transferred its Converting Business at carrying value of Rs. 3,083 million to Packages Convertors Limited effective July 01, 2020 upon completion of formalities.
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