The sponsor shareholders of Siddiqsons Tin Plate Limited, are acquiring complete shareholding of Siddiqsons Tin Plate Limited held by M/S Arcelor Mittal France under a duly signed share purchase agreement between the parties.
M/S Arcelor Mittal France holds 21,308,101 shares or 9.29 percent stake in Siddiqsons Tin Plate Limited. The transaction value is approximately PKR 255 million subject to change as per the share price determined on the Pakistan Stock Exchange on a day preceding to payment.
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After satisfying the Competition Commission of Pakistan of all necessary requirements the aforementioned sponsor shareholders have been granted approval for the transaction.
The principal activity of the company is manufacturing and sale of tin plates, cans and other steel products. STPL is a sole producer of tinplate in Pakistan but not the sole supplier of tinplate in the country as tinplate is also imported from different sources and the main suppliers abroad are the Chinese, European, South African and American producers.
