April 27, 2021 (MLN): In order to enhance focus and consolidate the infant formula business, the Board of Directors of ICI Pakistan Limited (the ‘’Company’’), in its meeting held on April 26, has approved the merger/amalgamation of NutriCo Pakistan with and into NutriCo Morinaga (Private) Limited.
NutriCo Morinaga, a subsidiary of the Company, is a joint venture with Morinaga Milk Industry Co., Ltd Japan and Unibrands (Private) Limited engaged in the business of locally manufacturing infant/growing up formula.
The Company's shareholding in NutriCo Morinaga post-merger will remain at 51%, as per the notice issued to PSX.
Further, the board approved the acquisition of 11% of the issued and paid-up share capital of NutriCo Pakistan (Private) Limited, which would increase the shareholding of the Company to 51% in NutriCo Pakistan.
NutriCo Pakistan is engaged in the business of importing, marketing and distributing Morinaga Milk Industry Co., Ltd Japan products in Pakistan, the notice said.
The above approvals are subject to receipt of all necessary corporate and regulatory approvals.
