Packages Limited agreed renunciation of letter of rights of Tri-Pack films Limited

Karachi, Packages Limited informed Pakistan Stock Exchange that Syed Hyder Ali has agreed with Mitsubishi Corporation of Japan for the renouncement by Mitsubishi Corporation in favor of letter of rights of Tri-Pack Films Limited in respect of 200,000 right shares of that company (Tri-pack Films) being issued. These shares are in addition to the rights shares offered by Tri-Pack to me on my existing shareholding in Tri-Pack Films. Mitsubishi Corporation will continue to hold its current shareholding in Tri-Pack Films Limited but will not subscribe the rights shares offered to it. However, it has agreed to renounce the letters of rights in respect of such rights shares as to 2,000,000 shares in favor of IGI Insurance and 200,000 shares in favor of Syed Hyder Ali, a Director of IGI Insurance and of Tri-Pack Films Limited.

Packages Limited is a public limited company incorporated in Pakistan. The company is principally engaged in the manufacture and sale of paper, paperboard, packaging materials and tissue products. The stocks of the company are quoted on the Karachi Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.

On September 17, 2012 the company has entered into a 50/50 joint venture with the ‘Stora Enso OYJ Group’ of Finland in its 100% wholly owned subsidiary Bulleh Shah Packaging Private Limited. The Joint Venture will include Paper & Paperboard and Corrugated business operations at Kasur and Karachi and will involve initial equity participation of Stora Enso of 35% by way of subscription of right shares with a commitment to increase the shareholding to 50% at a later stage subject to certain conditions being met. The company also decided to close down its Paper and Paperboard operations in Lahore which has divided the business into continuing and discontinued operations.

The symbol “PKGS” is being used by the stock exchanges for the shares of Packages Limited.