Packages Limited intends to avail 19.33 percent stakes in Tri-Pack Films.
The acquisition of shares was planned after an opportunity emerged from the company’s shareholder Mitsubishi Corporation, which has indicated its intention of selling its entire 19.33 percent shareholding of Tri-Pack Films Limited.
As per the Joint-Venture agreement between the parties, the company has the first right of refusal to purchase the entire shareholding of Mitsubishi Corporation.
The Board of Directors of Packages Limited has decided to purchase the 19.33 percent stakes of Mitsubishi in Tri-Pak, subject to the condition that the purchase price falls within the range acceptable to the board, and subject to the fulfillment of all the applicable legal conditions (including for investment in associates and under the takeover laws, and the applicable corporate and regulatory approvals).
The company already holds 33.33 percent of shareholding in Tri-Pack.
In December 2020, Tri-Pack Limited has announced its plan to invest Rs. 9 billion in capacity expansion.