LCI sales 26.5% NMPL shares to Morinaga Milk

January 18, 2023 (MLN): Lucky Core Industries Limited (LCI) has successfully concluded the sale of 26.5% ordinary shares of NutriCo Morinaga Private Limited (NMPL) to Morinaga Milk Industry Ltd (Morinaga Milk) under the Share Purchase Agreement (SPA).

In a notice to PSX company stated, “the total number of shares sold is 21.76 million of the issued and paid-up capital.”

“The sale consideration of the total shares sold by the company and certain other shareholders of NMPL to Morinaga Milk is $56.6mn, with the company's share being $45.08mn”, the notification read.

As a consequence of the said transaction, the company will continue to hold approximately 24.5% of the issued and paid-up capital of NMPL, whilst Morinaga Milk's shareholding has increased to 51% of the issued and paid-up share capital of NMPL.

Earlier, ICI Pakistan Limited (ICI) informed that the company changed its name to Lucky Core Industries Limited (LCI) with effect from December 23, 2022.

On July 14, 2022, LCI has received an offer from Morinaga Milk to acquire an aggregate of 33.3% of the issued and paid-up share capital of NutriCo Morinaga Private Limited (NMPL), a subsidiary of LCI Pakistan.

NMPL was a joint venture between LCI Pakistan, Morinaga Milk, and Unibrands Private Limited to locally manufacture and distribute nutritional formula products, and was recently merged with NMPL, which was involved in the import and distribution of select products of Morinaga Milk.

At the time of writing, the scrip of the company is being traded at Rs567, down by Rs2.28 or 0.40% DoD.

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