Lahore February 16 2022: Packages Limited complete acquisition of 19.33% shareholding in Tri-Pack Films Limited (Tri-Pack) from Mitsubishi Corporation (the “Transaction”) and disclosed completion of the transaction on February 15, 2022 upon completion of all applicable corporate and regulatory approvals including mandatory tender offer under take-over laws.
The Transaction involving purchase of 7,500,000 ordinary shares (i.e. 19.33% 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 Share Purchase Agreement dated June 8, 2021 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.
Accordingly, the shares have also been transferred into the name of the Company. 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, 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.
