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Karachi, IGI Holdings has officially announced the acquisition of a 6.04% stake in Packages Limited following the resolutions passed at the Extraordinary General Meeting (EGM) on March 29, 2024. The meeting took place at the Auditorium of The Institute of Chartered Accountants of Pakistan in Karachi and was accessible through a video link facility.
At the EGM, shareholders confirmed the minutes of the previous meeting held on May 23, 2023, and then moved to discuss new business. The primary agenda was a special resolution under Section 199 of the Companies Act, 2017, involving a significant investment in Packages Limited, a listed associate of IGI Holdings. The approved resolution allows IGI Holdings to purchase approximately 5,396,650 shares, representing a 6.04% shareholding in Packages Limited, from Stora Enso AB.
The resolution stipulates that this investment should not exceed a 12-month validity period, ensuring long-term flexibility and effectiveness. It also grants authority to the Chief Financial Officer and Company Secretary of IGI Holdings to execute and implement the investment, including obtaining necessary regulatory approvals and completing all corporate filing requirements.
This strategic move is part of IGI Holdings’ broader investment strategy and demonstrates its commitment to expanding its portfolio and enhancing shareholder value.