Listing of Akzo Nobel Pakistan Limited at Lahore Stock Exchange
Lahore, July 12, 2012 (PPI-OT): Lahore Stock Exchange has approved the application for formal listing and quotation of the shares of Akzo Nobel Pakistan Limited on completion of all formalities required under the Listing Regulations of the Exchange.
The Company is being listed on the Exchange pursuant to the scheme of re-construction of ICI Pakistan Limited through demerger of its paint business on the basis of net asset of this business as disclosed in the financial statements of the Company.
The issued share capital of ICI Pakistan Limited was Rs. 1388.023 million divided into 138.802 million ordinary shares of Rs. 10/- each. Out of which Rs. 923.590 million comprising of 92.359 million ordinary shares has been retained with ICI Pakistan Limited and the remaining Rs. 464.432 million comprising of 46.443 million ordinary shares of Rs. 10/- each has been transferred as part of the paint undertaking to Akzo Nobel Pakistan Limited. The split of the share capital is based on the ratio i.e. 66.54:33.46.
Trading in the shares of the Company will start on the Ready Board Quotation of the Exchange from July 13, 2012 and all transactions taking place in respect of the above Company shall be settled on T+2 settlement basis from the above date. The first settlement date will be July 17, 2012.The market lot of the Company will be 1 (one) share of Rs. 10/- each. After the listing of AKZO Nobel Pakistan Limited at LSE number of listed companies will be 460.
The shares of the Company have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL) which has assigned Company Code/Security symbol as “AKZO” vide its letter dated June 28, 2012.
Taking into consideration the total market capitalization on the last day of trading in the shares of ICI Pakistan Limited (before demerger), the swap ratio and the number of shares outstanding, the opening price of the shares of Akzo Nobel Pakistan Limited will be Rs. 131.07 being the closing price, before suspension of trading in the shares of ICI Pakistan Ltd. Then normal circuit breaker i.e. 5% or Rs. 1/- whichever is higher on the opening price will be applicable.
The share registrar of the Company is Famco Associates (Pvt) Limited, State Life Building No. 1-A, First Floor, I.I. Chundrigar Road, Karachi, Ph: (021) 32420755, 32427012, Fax : (021) 32426752.The Company will be quoted under “Chemicals” Sector of the Ready Board Quotation of the Exchange.
For more information, contact:
Lahore Stock Exchange (LSE)
P.O. Box: 1315,
Tel: +9242 636 8000
FAX: +9242 636 484 -85
E-mail Address: info@LahoreStock.com
Web Site: http://www.lse.com.pk