East African Packaging Industries (EAPI) minority shareholders have received a new takeover offer from majority shareholder Canadian Overseas Packaging Industries (COPIL), which is seeking to acquire total control of the firm, two decades after it begun the process..
EAPI manufactures corrugated cartons and paper sacks which are supplied to players involved in the flower export and tobacco export sectors. Paper sacks are supplied to the regional tea producing and blending companies for the export of tea, and the cement industry.
Canadian Overseas Packaging Industries is based in the UK and commenced operations in 1969. The firm has been using EAPI as a hub for its East African operations, with its main business being the manufacture of corrugated paper and paperboard, sacks, and bags.
EAPI delisted in 2003 with 242 minority shareholders, after COPIL made a takeover bid and subsequently raised its shareholding to 92.1 per cent. Since then, it has been seeking contact with 132 former shareholders to complete the takeover.
In a notice appearing in the Kenya Gazette, the Canadian firm says it has circulated the offer to all other remaining EAPI shareholders.
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