Packages wants stake in Tri-Pack

KARACHI: Packages Limited has expressed intention to acquire Mitsubishi Corporation’s 19.33 percent shareholding in Tri-Pack Films Limited in a bourse filing on Friday.

Mitsubishi Corporation had indicated its intention of selling its entire 19.33 percent shareholding of Tri-Pack Films Limited.

As per the joint venture agreement between the parties, Packages Limited has first right of refusal to purchase the entire shareholding of Mitsubishi Corporation.

Board of Directors of Packages Limited considered this matter in its meeting and resolved to communicate to Mitsubishi Corporation its desire to purchase Mitsubishi shareholding in Tri-Pack.

The proposed deal is subject to the condition that the purchase price falls within the range acceptable to the board and subject to fulfilment of all applicable legal conditions and corporate and regulatory approvals.

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.

Packages Limited already holds 33.33 percent stake in Tri-Pack. Packages Limited is a multinational packaging company based in Lahore. It was founded in 1956, and is known for their tissue brand, Rose Petal. The company is listed on the PSX.