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May 2, 2011
AkzoNobel plans to restructure ICI Pakistan
Akzo Nobel N.V. (AkzoNobel; Amsterdam, the Netherlands; www.akzonobel.com
) has announced its intention to seek agreement from the Board and shareholders of ICI Pakistan Ltd. (ICI Pakistan) to separate the organization's paints and chemicals businesses. Under the terms of the proposal, AkzoNobel would retain direct majority control of the paints business by separating it into a new legal entity (AkzoNobel Pakistan Ltd.) through a de-merger process approved by the Pakistani courts. Subsequently, AkzoNobel would dispose of its entire shareholding in the remainder of ICI Pakistan.
The entire ICI Pakistan business has been a subsidiary of AkzoNobel since 2008, when the company acquired Imperial Chemical Industries PLC. It is listed on the Karachi, Lahore and Islamabad Stock Exchanges, with AkzoNobel currently holding 75.8% of the total shares. Focusing primarily on the Pakistan market, ICI Pakistan's main businesses are polyester fiber, soda ash, life sciences, chemicals and decorative paints. In 2010, ICI Pakistan's revenue amounted to €305 million.