KARACHI: AkzoNobel, the holding company of ICI Pakistan, has decided to divide the local company into two parts.
The proposal of the holding company envisages that AkzoNobel will keep the paints business, while ICI Pakistan will keep rest of the portfolios including production of chemicals and soda ash, according to a notice sent to the Karachi Stock Exchange on Friday.
Following the demerger, AkzoNobel – a Fortune 500 company – will divest its investment in ICI Pakistan.
Both the companies will be separately listed at the country’s stock exchanges.
Published in The Express Tribune, April 30th, 2011.
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