Formally ICI Pakistan concludes the sale of 26.5% holding in NutriCo Morinaga

Lucky Core Industries Limited (Formally ICI Pakistan Limited). It concluded by selling 26.5% holding in NutriCo Morinaga (Private) Limited.

As per the latest PSX notice, Lucky Core Industries Limited (formally ICI Pakistan Limited) has successfully concluded the sale of 21.76mn ordinary shares (26.5% of the issued paid-up capital) of NutriCo Morinaga (Private) Limited (NMPL) to Morinaga Milk Industry Co. Ltd.

The said transaction would have a cash flow impact of PKR 10,144mn (PKR 109.8/share) of which the expected gain (before tax) would be PKR 14,789mn (PKR 160.1/share).

Currently, we have a BUY call on the scrip with Dec’23 target price of PKR 890.2/share.

Courtesy – AHL Research

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