February 21, 2022 (MLN): ICI Pakistan Limited, in a notice to the bourse, has updated that the Scheme of Arrangement for the merger of NutriCO Pakistan Pvt Limited with and into NutriCo Morinaga Pvt Limited (a subsidiary of ICI Pakistan Limited) has been sanctioned by Honorable High Court of Sindh.
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.
To recall, last year in April, the ICI Pakistan board approved the merger/amalgamation of NutriCo Pakistan with and into NutriCo Morinaga (Private) Limited to enhance focus and consolidate the infant formula business.
On August 2021, the company successfully completed the acquisition of 55,013 ordinary shares (equivalent to 11% shareholding) of NutriCo Pakistan (Private) Limited.
Following the acquisition, the total shareholding of ICI Pakistan in NutriCo Pakistan (Private) Limited stands at 51%, making it a subsidiary of ICI Pakistan Limited.
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