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.