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Packages Ltd finalizes price to acquire 19.3% shareholding in Tri-Pack Films from Mitsubishi

May 17, 2021 (MLN): Packages Limited has finalized the price at Rs 154.62 for the purchase of 19.3% shareholding in Tri-Pack Films Limited from Mitsubishi Corporation.

For the unversed, the Board of Directors of Packages Limited in its meeting held on February 12, 2021, decided to communicate 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.

According to the notification issued to Exchange, Packages Limited and Mitsubishi have finalized the purchase price at Rs154.62 (Excluding transaction costs) with mutual consent in accordance with the conditions of the JV Agreement dated April 13, 1993.

This transaction shall be executed subject to fulfillment of all applicable legal conditions (including for investment in associates and under take-over laws) and applicable corporate and regulatory approvals.

Tri-Pack Films Limited Company, listed on 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.

Copyright Mettis Link News

Posted on: 2021-05-17T10:24:00+05:00

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