KARACHI - In May 2011, the Board of Directors of ICI Pakistan Limited decided that the paints business of ICI Pakistan Limited would be separated from ICI Pakistan Limited and vested into another company, Akzo Nobel Pakistan Limited which will be listed on the Karachi, Lahore and Islamabad Stock Exchanges. ICI Pakistan Limited would retain all other businesses of ICI Pakistan Limited and will continue to be listed on the Karachi, Lahore and Islamabad Stock Exchanges, says a Press release.
The Scheme of Arrangement for the reconstruction of ICI Pakistan Limited, which was approved by the shareholders at the Extraordinary General Meeting on February 08, 2012, has been sanctioned by the High Court of Sindh by its order announced on May 17, 2012 and has in accordance with its terms become operative on June 01, 2012.
As a consequence of this reconstruction, the paints business formerly carried on by ICI Pakistan Limited will henceforth be carried on by Akzo Nobel Pakistan Limited.
Source: The Nation
Editor’s Note: In a notice to the stock exchange it was disclosed that post demerger Akzo Nobel will seek to sell its ownership stake of 75.85% in ICI Pakistan Limited to a suitable buyer.
