Karachi: IGI Holdings Limited announced its decision to acquire a 6.04% shareholding in Packages Limited, a move that involves the purchase of 5,396,650 ordinary shares from Stora Enso AB. The disclosure was made in a letter dated February 22, 2024, as part of compliance with the Pakistan Stock Exchange's rules and the Securities Act 2015.

According to information available from the Pakistan Stock Exchange (PSX), IGI Holdings Limited has entered into a Share Purchase Agreement with Stora Enso AB for the acquisition of the shares, with each share priced at Rs 487.5. The transaction's completion is contingent upon obtaining the necessary regulatory approvals and fulfilling the terms and conditions specified in the agreement.

Packages Limited, a public limited company in Pakistan, is primarily involved in manufacturing and selling packaging materials and tissue products. The company also holds investments in other entities.

IGI Holdings Limited has assured that any further developments regarding the transaction will be communicated to the PSX in accordance with applicable laws. The disclosure is in line with the requirements of the Securities Act, 2015, and related provisions.