IGI Holdings Limited has entered into a Share Purchase Agreement (SPA) with Stora Enso AB for the acquisition of 6.04% shareholding in Packages Limited by purchasing 5,396,650 ordinary.
The shares are being acquired at a rate of Rs 487.5 per share, bringing the transaction value to approximately Rs 2.6 billion.
This acquisition was previously approved by IGI’s board and disclosed to the Pakistan Stock Exchange (PSX) in February.
“In our letter dated February 22, 2024, to the PSX, we notified that the Board of Directors of IGI Holdings Limited (IGI) had accorded its approval to acquire 6.04% shareholding in Packages Limited (Packages), a listed associate concern of IGI, by way of acquisition of 5,396,650 ordinary shares from Stora Enso AB (Seller),” read the notice.
The completion of the transaction is subject to the applicable regulatory approvals and the terms and conditions as stipulated in the share purchase agreement.
