Akzo Nobel submits formal application for voluntary delisting from PSX

By MG News | January 30, 2020 at 03:28 PM GMT+05:00

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January 30, 2020 (MLN): The Board of Directors of Akzo Nobel Pakistan Limited has submitted a formal application with the request to delist the Company and approve the purchase of shares from the minority shareholders.

Back in November, the Company had notified PSX that the directors of ICI Omicron B.V (currently holding 75.81% of the shareholding) were considering purchasing all outstanding securities and shares of Akzo Nobel, without exception, from all security holders with the purpose to increase ownership and to de-list the company.

Later in December, the company had conveyed the intention of majority shareholder to buyback 11,232,884 ordinary shares comprising 24.19% of the total paid up share capital of Akzo Nobel.

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