AkzoNobel to retain ICI paints while sell other businesses – Alfalah Securities Limited
Karachi: AzkoNobel Pakistan being the parent company of ICI Pakistan Limited, has decided to hold its paints business while sell of its soda ash, polyester fibre, live sciences and chemicals business being operated under the umbrella of ICI Pakistan.
According to Alfalah Securities Limited, the company has also notified the Karachi Stock Exchange (KSE) for conducting an Extraordinary General Meeting on February 6, 2012 in order to gain consent of shareholders for de-merging its paint business from ICI and vesting it into Azkonobel Pakistan.
Furthermore, AzkoNobel Pakistan Limited would issue shares to the shareholders of ICI against separation of its paint business and would result in reducing the paid up capital from PKR 1,388.023 mn to PKR 923.590 mn. The reduction of PKR 464.432 mn worth capital would be cancelled as being unrepresented by available assets due to the transfer and vesting of paints business in AkzoNobel Pakistan.