ICI Pak to sell 26.5pc stake of NMPL

KARACHI: The Board of Directors of ICI Pakistan Limited has authorised partial divestment of approximately 26.5 percent of the issued and paid up share capital of its subsidiary, NutriCo Morinaga (Private) Limited (NMPL) to Morinaga Milk Industry Co. Ltd. at an aggregate sale price of $45.08 million, which will be $2.07 per share.

The company would continue to hold around 24.5 percent of its stake in the subsidiary upon completion of the transaction, it said in a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday. The transaction is subject to the approval of the shareholders and the relevant regulatory authorities.