ICI Pakistan entered into SPA with Morninga Milk

September 16, 2022 (MLN): ICI Pakistan Limited has entered into a share purchase agreement (SPA) with Morning Milk Industry Co. Ltd. (MMICL) whereby Morninga Milk shall purchase 26.5% of the issued and paid-up share capital of NutriCo Morninga (Private) Limited (NMPL), the company’s stock filings on the stock exchange showed on Friday.

These shares will be purchased at an aggregate price of $45.1 million i.e., approximately $2.07per share.

The company will continue to hold approx 24.5% of the issued and paid-up share capital of NPML upon the sale of the above-referred shares.

Additionally, in terms of SPA, other shareholders of NMPL will sell 6.8% shareholding to Morninga Milk. 

Following the final closing of the transaction, Morinaga Milk will hold a 51% share of NMPL.

Meanwhile, it is important to note that the above-mentiioned SPA is subject to the receipt of requisite corporate and regulatory approvals and fulfilment of the closing conditions.

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