ICI to divest 26.5% holding in NutriCo Morinaga

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As per the PSX notice, 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 (PKR 11,773mn, PKR 430.48/share).

The Board of Directors of ICI Pakistan, have granted 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 9,369mn (PKR 101.44/share) out of which the expected gain (before tax) would be PKR 7,309mn (PKR 79.14/share).

Courtesy – AHL Research

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