ICI forms joint venture

KARCHI: The board of directors of ICI Pakistan Limited has approved the signing of shareholders agreement and the incorporation of joint venture company by ICI, Unibrands and Morinaga, a bourse filing said on Tuesday.

The joint venture, comprising ICI Pakistan, Morinaga Milk Industry of Japan and Unibrands Pct Ltd, will set up a facility in Pakistan for the manufacturing of Morinaga infant / growing up formula along with distribution, marketing and sale of such locally-manufactured products.

ICI’s equity participation in the joint venture would be 51 percent. The combined equity stake of Morinaga and Unibrands will be 49 percent, it added.  The approved project cost is Rs4.8 billion and it is expected to come online in 2018.