Packages Limited mulls to grab further stake of Tri-Pack
- “As per JV agreement between the parties, the company has first right of refusal to purchase the entire shareholding of Mitsubishi Corporation,” stated Packages Limited.
Packages Limited, a Pakistani multinational packaging company is keen to purchase Mitsubishi Corporation stake in Tri-Pack Limited.
As per the company, Mitsubishi Corporation has indicated its intention of selling its entire 19.33 percent shareholding of Tri -Pack Films Limited. “As per JV agreement between the parties, the company has first right of refusal to purchase the entire shareholding of Mitsubishi Corporation,” stated Packages Limited.
The company informed that its BoD has considered this matter in its meeting and has resolved that the company shall communicate to Mitsubishi Corporation its desire to purchase the Mitsubishi shareholding on 19.33pc in Tri-Pack. However, the purchase is subject to the condition that the purchase price falls within the range acceptable to the board and subject to fulfillment of all applicable legal conditions.
It is pertinent to mention that Tri-Pack is principally engaged in the manufacturing and sale of biaxially oriented polypropylene (BOPP) film and cast polypropylene bracket (CPP) film, Packages Limited already holds 33.33pc shareholding in Tri-Pack.
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