AIRLINK 172.80 Decreased By ▼ -2.93 (-1.67%)
BOP 13.24 Increased By ▲ 0.12 (0.91%)
CNERGY 7.40 Decreased By ▼ -0.14 (-1.86%)
FCCL 43.55 Decreased By ▼ -0.36 (-0.82%)
FFL 14.95 Decreased By ▼ -0.06 (-0.4%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.80 Decreased By ▼ -0.43 (-0.33%)
HUMNL 13.35 Increased By ▲ 0.01 (0.07%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.50 Decreased By ▼ -0.53 (-0.95%)
OGDC 213.00 Decreased By ▼ -1.77 (-0.82%)
PACE 5.92 Decreased By ▼ -0.06 (-1%)
PAEL 41.15 Increased By ▲ 0.25 (0.61%)
PIAHCLA 16.39 Increased By ▲ 0.07 (0.43%)
PIBTL 9.60 Decreased By ▼ -0.15 (-1.54%)
POWER 11.53 Decreased By ▼ -0.23 (-1.96%)
PPL 179.00 Decreased By ▼ -2.48 (-1.37%)
PRL 33.79 Decreased By ▼ -0.43 (-1.26%)
PTC 22.83 Decreased By ▼ -0.23 (-1%)
SEARL 94.01 Decreased By ▼ -1.71 (-1.79%)
SILK 1.17 Increased By ▲ 0.03 (2.63%)
SSGC 35.10 Decreased By ▼ -0.35 (-0.99%)
SYM 15.75 No Change ▼ 0.00 (0%)
TELE 7.80 Decreased By ▼ -0.07 (-0.89%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.90 Increased By ▲ 0.40 (0.66%)
WAVESAPP 10.76 Decreased By ▼ -0.05 (-0.46%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,028 Decreased By -25.4 (-0.21%)
BR30 36,368 Decreased By -98.9 (-0.27%)
KSE100 113,869 Decreased By -487.1 (-0.43%)
KSE30 35,121 Decreased By -226.2 (-0.64%)
Business & Finance PKGS (Packages Limited) 540.00 Decreased By ▼ -2.31%

Packages, Mitsubishi finalise price for Tri-Pack stake

  • As per JV agreement between the parties, the company has first right of refusal to purchase the entire shareholding of Mitsubishi Corporation.
Published May 17, 2021

Packages Limited, a Pakistani multinational packaging company, and Mitsubishi Corporation has finalized the purchase price to acquire a stake in Tri-Pack Limited.

“This is in continuation of our earlier letter SEC/18/2021 dated February 12, 2021, regarding company’s expression of desire to purchase the Mitsubishi Corporation (Mitsubishi) shareholding of 19.33 percent in Tri-pack Films Limited (Tri-pack) subject to price negotiation and fulfillment of all applicable corporate and legal conditions and approvals,” stated the company in a statement.

“In this regard please note that the Company and Mitsubishi has finalized purchase price at Rs 154.62 (excluding transaction cost) with mutual consent in accordance with the condition of the JV agreement dated April 13, 1993. This transaction shall be executed subject to fulfillment of all applicable legal conditions (including for investment in Associates and undertake over loss) and applicable corporate and regulatory approvals,” it stated.

As per JV agreement between the parties, the company has 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 engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) film. The company already holds 33.33% shareholding in Tri-Pack.

Comments

Comments are closed.

Shahzad Hussain Viha May 18, 2021 10:42am
Great job on the Site #ShViha
thumb_up Recommended (0)