Karachi October 28 2021: Packages Limited Intent to acquire up to 7,500,000 ordinary shares of Tri-Pack Films Limited as per information shared by the Manager to the offer.
Packages to purchase more than one million shares from public at PKR 245.2 per share. The stock is currently trading at PKR 229.1 per shares.
In connection with the above, Packages Limited has made announcement of Offer to acquire up to 6,438,598 ordinary shares of the Tri-Pack Films Limited representing 16.59 percent of the issued ordinary share capital of the Tri-Pack Films Limited in accordance with Takeover Regulations.
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Packages Limited entered into a share purchase agreement dated June 8, 2021 (the “SPA”) with Mitsubishi Corporation for the purchase of 7,500,000 ordinary shares representing approximately 19.33 percent of the total issued ordinary share capital of the Target Company at a price of PKR 154.62 per ordinary share.
Packages Limited already holds 12,933,333 ordinary shares representing 33.33 percent of the total issued share capital of the Target Company, upon completion of the Acquisition, the total shareholding of the Acquirer in the Tri-Pack Films Limited shall increase to 52.66 percent of the total issued share capital of the Target Company.
Therefore, Packages Limited is required to purchase additional voting shares of up to 6,438,598 ordinary shares representing approximately 16.59 percent of the total issued share capital of the Tri-Pack Films Limited by way of a public offer. Packages Limited is offering to purchase the additional voting shares, having a par value of PKR 10/- each at an offer price of PKR 245.20/- each (“Public Offer”).
