Packages Limited has acquired 19.3 percent stake with a value of more than Rs. 1 billion in Tri-Pack Limited, which were held by Mitsubishi Corporation.
According to the stock filing, the transaction involving the purchase of 7,500,000 ordinary shares (i.e., 19.33 percent shareholding) of Tri-Pack held by Mitsubishi Corporation at a negotiated purchase price of Rs. 154.62/share amounting to Rs. 1,159.65 million (excluding transaction costs) under the Share Purchase Agreement dated June 8, 2021, has been completed.
The company received all applicable corporate and regulatory approvals, including mandatory tender offers under take-over laws. Accordingly, the shares have also been transferred into the name of the company.
With the completion of the transaction, Packages Limited has now enhanced its shareholding in Tri-Pack to 69.26 percent (including 16.59 percent acquired under mandatory tender offer completed in December 2021).
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.
Due to immense expansion of business, the company made a stellar profit of Rs. 833 million in the nine months of 2021 as compared to Rs. 254 million profit reported in 2020.
