AkzoNobel approves extension of License Agreements for another three years

MG News | February 27, 2019 at 12:44 PM GMT+05:00

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February 27, 2019 (MLN): The Board of Directors of AkzoNobel Pakistan Limited, in their meeting held on February 27, have 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.

According to the notice issued by the company to Pakistan Stock Exchange (PSX), the terms of the Agreements shall be subject to approval by the State Bank of Pakistan for payment of royalties in the following manner:

All Global brands supported by AkzoNobel internationally; 4.5% of net sales value
All local brands supported by AkzoNobel internationally; 2.5% of net sales value

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