July 9, 2021 (MLN): The Board of Packages Limited (PKGS), in an extraordinary general meeting held today, has authorized the company to further invest 1.159 billion (excluding transaction costs) for acquiring of entire 19.33% Mitsubishi shareholding i.e., 7.5 million ordinary shares in Tri-Pack Films Limited, a listed associated company.
According to the notice issued to PSX, the board resolved that the approval of the shareholders be and is hereby accorded, as to the acquisition of a such number of ordinary shares of Tri-Pack Films Limited as may be offered and acquired in accordance with the provisions Part IX of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 at such price as may be determined under the applicable regulations.
The Chief Executive Officer, Chief Financial Officer and Company Secretary of Packages Ltd have been jointly and/or singly authorized to take such necessary steps, measures and actions for execution and implementation of the foregoing resolutions but not limited to obtaining applicable regulatory approvals and completing all other applicable corporate filing requirements.
