IGI Enters Share Purchase Agreement to Buy 6% Stake in Packages Limited

IGI Holdings Limited (PSX: IGI) has entered into a Share Purchase Agreement (SPA) with Stora Enso AB for the acquisition of 6 percent shares in Packages Limited. “In our letter dated February 22, 2024, to the PSX whereby it was 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) (Transaction),” the stock filing stated. “We wish to inform you that IGI has entered into a Share Purchase Agreement (SPA) with the Seller for the acquisition of the aforementioned shares, at a price of Rs 487.5 per share. The completion of the Transaction is subject to the applicable regulatory approval(s) and the terms and conditions as stipulated in the SPA. In case of any development in this respect PSX shall accordingly be notified as per applicable laws,” it added.