IGI Holdings to acquire 6% shareholding in Packages Limited from Stora Enso

The Board of Directors of the IGI Holdings Limited (IGIIL) accorded approval to acquire 6.04% shareholding in Packages Limited, a listed associate concern of the IGIIL.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday,  IGIIL’s board given this approval in its meeting held on February 22, 2024, and the company will acquire 6.04% shareholding in Packages Limited by way of acquisition of 5,396,650 ordinary shares from Stora Enso AB at a proposed price range. 

However, this acquisition is subject to the go-ahead from the shareholders and other regulatory and corporate approvals. 

The chief executive officer and chief financial officer of the company have been jointly and/or singly authorised to take such necessary steps as are applicable in accordance with applicable laws including but not limited to negotiations with Stora Enso AB, the company’s notice further said.