The Board of Directors of Packages Limited has resolved to purchase 35 percent shares held by Stora Enso in Bulleh Packaging (Private) Limited at a price of up to $8 million equivalent to Rs 850 million approximately subject to exchange variation on payment date subject to certain adjustments. The main reason for Stora Enso divestment of its shareholding in the company is that the company's asset base in Pakistan with its product mix and related future outlook has become a non-strategic fit in the Stora Enso's consumer board portfolio due to changed global growth outlook, information sent to Pakistan Stock Exchange on Wednesday said.
The Board of Directors of Packages Limited strongly believes in the future growth prospects of the company and that it shall bring considerable benefits to the shareholders. Upon completion of the Proposed Transaction, the company shall become a fully owned subsidiary of Packages Limited. Consummation of the Proposed Transaction is subject to execution of a Share Purchase Agreement and procurement of all applicable corporate and regulatory approvals and other customary transaction related conditions.