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

The acquisition is subject to mandatory approvals from the shareholders and regulators 

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.

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