AMSTERDAM, THE NETHERLANDS--(Marketwire - Jul 30, 2012) - AkzoNobel has reached an
agreement to sell its 75.81 percent shareholding in ICI
Pakistan Limited to the Yunus Brothers Group for $152.5 million (EUR124.4
million). The price represents a premium of 30 percent on the market price
the local stock exchange closed on Friday, July 27. The price is subject to
adjustments for cash/debt as at the date competition clearance is obtained
for interest from that date until closing.
The transaction is expected to be completed towards the end of this year,
regulatory approvals have been obtained and the purchaser has completed a
legally required tender offer for at least 50 percent of the shares in ICI
Pakistan held by the other shareholders.
"We are pleased to have reached an agreement to sell our shares in ICI
Pakistan," explained Keith Nichols, CFO AkzoNobel. "We are convinced that
Yunus Brothers Group is better suited to achieving its obvious potential,
the deal includes conditions to safeguard the terms and conditions of our
dedicated employees there."
Commenting on the agreement, Sohail Tabba, Group Director at Yunus Brothers
Group, said: "We are delighted with the agreement to acquire ICI Pakistan
Limited. The Yunus Brothers Group is keen to further develop the business
company, working closely with the existing management and employees."
The agreement follows the successfully completed restructuring of
activities in Pakistan last month, which entailed the demerger of ICI
paints and coatings businesses into the new listed company, AkzoNobel
Limited. The newly formed company is 75.81 percent owned by AkzoNobel and
continues to focus on Decorative Paints, Performance Coatings and Specialty
ICI Pakistan Limited has been a subsidiary of AkzoNobel since 2008, when
company acquired Imperial Chemical Industries PLC. It is listed on the
Lahore and Islamabad Stock Exchanges. ICI Pakistan's business now comprises
polyester fiber, soda ash, life sciences and chemicals.
The Yunus Brothers Group is a leading conglomerate in Pakistan with
the cement and textile industries, power and real estate. It had revenues
EUR775 million in 2011.
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AkzoNobel is the largest global paint and coatings company and a major
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers
our customers. Our portfolio includes well known brands such as Dulux,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are
consistently ranked as one of the leaders in the area of sustainability.
operations in more than 80 countries, our 55,000 people around the world
committed to excellence and delivering Tomorrow's Answers Today™.
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