JDW Sugar Mills Limited has entered into a share purchase agreement with the principal shareholders of United Sugar Mills to purchase 75 per cent (2,250,000 shares) of the total shares outstanding at an offer price of Rs 333.33 per share.

The purchase price for these shares is payable to the extent of 56 per cent at closing and the balance 44 per cent is payable one year after closing.

The payment of the balance consideration is secured by a demand bank guarantee, JDW informed the Karachi Stock Exchange in a letter.

Copyright Associated Press of Pakistan, 2005