PKGS purchases 7.5mn shares of Tri-Pack at Rs154.62/share

MG News | February 16, 2022 at 03:31 PM GMT+05:00

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February 16, 2022 (MLN): Packages Limited (PKGS) has purchased 7.5 million ordinary shares, i.e. 19.33% shareholding of Tri-Pack held by Mitsubishi Corporation at a negotiated purchase price of Rs154.62 per share amounting to Rs1.15 billion (excluding transaction costs), the company filing on PSX showed on Wednesday.

The aforestated transaction has taken place under share purchase agreement dated June 8, 2021, which has been completed by the company on February 15, 2022, upon completion of all applicable corporate and regulatory approvals including mandatory tender offer under take-over laws, the notification added.

Accordingly, the shares have also been transferred into the name of the PKGS.

Upon completion of the transaction and mandatory tender offer, the company now owns 69.26% shareholding of Tri-Pack (including 16.59% acquired under mandatory tender offer completed in December 2021).

Tri-Pack is a public limited company and is principally engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) film.

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