February 12, 2021 (MLN): The Board of Directors of Packages Limited, in its meeting held on February 12, 2021, has resolved that it shall communicate to Mitsubishi Corporation its desire to purchase the Mitsubishi shareholding of 19.33% in Tri-Pack subject to the condition that the purchase price falls within the range acceptable to the Board and subject to fulfillment of all applicable legal conditions and applicable corporate and regulatory approvals.
The above decision transpited after Mitsubishi Corporation indicated its intention of selling its entire 19.33% shareholding of Tri-Pack Films Limited (Tri-Pack). As per the JV agreement between the parties, Packages Ltd has the first right of refusal to purchase the entire shareholding of Mitsubishi Corporation.
The Chief Executive Officer and Chief Financial Officer of Packages Ltd 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 the appointment of Manager to the Offer.
Tri-Pack is a public limited company, listed on Pakistan Stock Exchange (PSX), and is principally engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) film. The Company already holds 33.33% shareholding in Tri-Pack.