Plan to restructure ICI Pakistan Limited

Karachi –– ICI Pakistan Limited Board of Directors decided that ICI Pakistan should be split into two entities, both of which will be listed on Karachi, Lahore and Islamabad Stock Exchanges.

The Board deliberated on proposal from ICI Pakistan’s ultimate holding company, Akzo Nobel N.V., to restructure ICI Pakistan Limited and after obtaining professional advice, examined various options for separating Paints Business.

Board decided that one such entity will be Akzo Nobel Pakistan Limited (comprising Paints business) and other will be ICI Pakistan Limited (retaining all other businesses of ICI Pakistan). It also decided that separation of paints business should be achieved through a demerger, sanctioned by the Court, and that such split should be on the basis of financial statements of Company as at 30 June 2011.The demerger will be subject to approval of the shareholders and regulatory authorities, ICI Pakistan Ltd., said in a communication Wednesday to Karachi Stock Exchange.

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