November 28, 2019 (MLN): A Dutch multinational company, AkzoNobel is a paint company with a portfolio of brands which includes: Dulux, International, Sikkens and Interpon.
AkzoNobel Pakistan carries the traditions and expertise of one of Pakistan’s oldest and most successful companies; ICI Pakistan Limited.
Going into the historical details, The AkzoNobel Group acquired ICI in 2008 bringing together the innovation, leadership and expertise of both companies.
In 2011, the Board of Directors of ICI Pakistan Limited approved a proposal from its ultimate holding company Akzo Nobel N.V. to restructure its interest in ICI Pakistan Limited by separation of the Paints Business into a separate legal entity through a scheme of demerger. Since June 2012, it is being operated as AkzoNobel Pakistan.
The most recent development about AkzoNobel Pakistan limited is that ICI Omicron B.V. which currently holding 75.81% of the shareholding, shall consider purchasing all outstanding securities and shares of Akzo Nobel Pakistan Limited, without exception, from all security holders with the purpose to increase ownership and to de-list the company.
Pursuant to this development, a meeting of Board of Directors of Akzo Nobel Pakistan Limited was held today at 12:00 p.m. at the head office to consider intent majority shareholder to purchase of all outstanding shares and de-listed of the company under the Rule Book of PSX.
Akzo Nobel Pakistan Limited via notification to PSX informed that The BoD of the company has resolved to delist the company from PSX under the rule book for which the company shall submit a formal application to the PSX and for which ICI Omicron B.V, the majority shareholder of the company has been authorized to buy-back ordinary shares held by the minority shareholders of the company to an extent and at a price to be determined in accordance with the regulations or as may be determined by the PSX or SECP for the purposes of Voluntary Delisting of the company from the PSX.
It is pertinent to mention that previously, the Board of Directors of AkzoNobel Pakistan Limited, in their meeting held on February 27, had approved the extension of existing AkzoNobel Group License Agreements for another period of three years, commencing January 01, 2019 at the same royalty rates as were applicable January 01, 2016 to December 31, 2018.
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