KARACHI, PAKISTAN: ICI Pakistan Limited has received a conditional offer from Morinaga Milk Industry Co. Ltd, Japan to acquire an aggregate of approximately 33.3% of the issued and paid up share capital of NutriCo Morinaga (Pvt) Limited, a subsidiary of ICI Pakistan, from NutriCo Morinaga’s existing shareholders at an aggregate price of USD 56.6mn translating into PKR 430.48/share.
The Board of Directors of ICI Pakistan, have granted an in principle approval to ICI Pakistan to move forward with the proposed divestment of 26.5% of its shareholding (21.76mn shares) in NutriCo Morinaga (Pvt) Limited.
The said transaction would have a cash flow impact of PKR 9.369 billion (PKR 101.44/share) out of which expected gain (before tax) would be PKR 7.309 billion (PKR 79.14/share).
In order to enhance focus and consolidate the infant formula business, ICI Pakistan Limited, in April 2021, approved the merger/amalgamation of NutriCo Pakistan with and into NutriCo Morinaga (Private) Limited.
NutriCo Morinaga, a subsidiary of the company, is a joint venture with Morinaga Milk Industry Co., Ltd Japan and Unibrands (Private) Limited engaged in the business of locally manufacturing infant/growing up formula.
NutriCo Pakistan is engaged in the business of importing, marketing and distributing Morinaga Milk Industry Co., Ltd Japan products in Pakistan, the notice said.
ICI Pakistan Limited is part of Yunus Brothers Group (YBG), one of the fastest-growing and most progressive Pakistani conglomerates with a wide portfolio of businesses including, but not limited to: cement, textiles, power generation and commodity trading. www.ici.com.pk
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