Karachi August 12 2021: Packages has extended the time for making the public announcement of offer to buy 19.33 million shares of Tri-Pack Films to November 12, 2021, as per notice issued at PSX.
Packages Limited, as per Public Announcement of Intention (PAI) published on February 19, 2021, to acquire upto 7,500,000 ordinary shares of Tri-Pack Films Limited (Tri-Pack) constituting 19.33 percent of total issued and paid up capital of Tri-pack along with such number of shares as may be offered under the provisions of Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
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In this regard please note that the parties under this Transaction have taken all reasonable steps towards obtaining the regulatory approvals as required under the applicable laws of Pakistan. Certain of these approvals and certifications are however yet to be issued and as such the parties under this Transaction cannot complete the Transaction before receipt thereof. Please be assured that the parties under this Transaction shall continue to apply all efforts in expediting the above approvals and processes.
The deadline for making the public announcement of offer is August 17, 2021.
However, in view of the above, on the behalf of Acquirer, Arif Habib Limited would like to intimate the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange that the Acquirer is extending the date for public announcement of offer by ninety (90) days. Therefore, the time for making the public announcement of offer in respect of the Transaction is extended till November 12, 2021.