Tri Pack Ltd acquisition Completed by Packages Ltd and Mitsubishi
Packages Limited and Mitsubishi Corporation have concluded the acquisition price to buy stakes in Tri-Pack Limited.
The company said in an announcement, “This is in continuation of our previous note SEC/18/2021 dated February 12, 2021, regarding company’s expression of a desire to acquisition the Mitsubishi Corporation (Mitsubishi) shareholding of 19.33 percent in Tri-pack Films Limited (Tri-pack) subject to value negotiation and fulfillment of all related corporate and legal conditions and endorsements.”
Tri-Pack Ltd acquisition
“In this regard, please note that the Company and Mitsubishi have concluded purchase price at Rs. 154.62 (excluding transaction cost) with joint consent following the condition of the JV agreement dated April 13, 1993. This deal shall be implemented subject to fulfillment of all related legal conditions (including for investment in Associates and undertake over the loss) and applicable corporate and regulatory approvals,” it stated.
As per the JV agreement between the parties, the company has the first right of refusal to purchase the entire shareholding of Mitsubishi Corporation.
Tri-Pack is a public limited company listed on Pakistan Stock Exchange (PSX) and is principally involved in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) film. The company already holds 33.33 percent shareholding in Tri-Pack.