IGI Holdings Announces Plan to Acquire Stake in Packages Limited

Karachi, IGI Holdings Limited has revealed plans to purchase a 15.04% shareholding in Packages Limited. The Board of Directors of IGI Holdings, in a meeting on February 22, 2024, granted approval for the acquisition of 5,396,650 ordinary shares from Stora Enso AB. This proposed transaction is contingent upon shareholder and regulatory approvals.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition aims to increase IGI Holdings’ stake in its associated concern, Packages Limited, within an approved price range. The company’s CEO and CFO have been empowered to undertake necessary actions, including negotiations with Stora Enso AB, in compliance with the Securities Act, 2015 and other applicable laws.

This strategic move follows the requirements of Sections 96 and 131 of the Securities Act, 2015, and Regulation 5_6.I of the Rulebook of the Pakistan Stock Exchange Limited. The details of this corporate action have been documented and are enclosed as Annexure A in the disclosure form as per S.R.O. 14341)/2012 dated December 05, 2012.