AkzoNobel announces intention to restructure and split ICI Pakistan
(Thomson Reuters ONE) -
April 29, 2011
* AkzoNobel to seek agreement to split ICI Pakistan into two listed entities:
AkzoNobel Pakistan Limited (comprising the Paints business) and ICI Pakistan
Limited (comprising all other businesses of ICI Pakistan)
* Under the proposal, both companies will, following the split, be listed on
the Karachi, Lahore and Islamabad Stock Exchanges
* AkzoNobel would retain a 75.8 percent shareholding in AkzoNobel Pakistan
Limited and would seek appropriate buyers for its shareholding in ICI
Pakistan
* The company confirms its commitment to Pakistan and sees a strong future
in paints
Akzo Nobel N.V. ("AkzoNobel") has today announced its intention to seek
agreement from the Board and shareholders of ICI Pakistan Limited ("ICI
Pakistan") to separate the organization's paints and chemicals businesses.
Under the terms of the proposal, AkzoNobel would retain direct majority control
of the paints business by separating it into a new legal entity (AkzoNobel
Pakistan Limited) through a de-merger process approved by the Pakistani courts.
Subsequently, AkzoNobel would dispose of its entire shareholding in the
remainder of ICI Pakistan.
The entire ICI Pakistan business has been a subsidiary of AkzoNobel since 2008,
when the company acquired Imperial Chemical Industries PLC. It is listed on the
Karachi, Lahore and Islamabad Stock Exchanges, with AkzoNobel currently holding
75.8 percent of the total shares. Focusing primarily on the Pakistan market, ICI
Pakistan's main businesses are polyester fiber, soda ash, life sciences,
chemicals and decorative paints. In 2010, ICI Pakistan's revenue amounted to
?305 million.
During the last few months, AkzoNobel has been conducting a strategic review of
the businesses and it became evident that ICI Pakistan's paints business would
be of clear commercial benefit for the company. Although the remainder of the
ICI Pakistan portfolio is made up of strong and promising businesses, they do
not offer sufficient opportunity to create value within AkzoNobel's transformed
portfolio and future strategic ambitions.
AkzoNobel believes that in order to provide the best growth opportunities for
the activities carried out by ICI Pakistan (apart from paints), it would be most
beneficial for all concerned if the company was transferred to a new owner who
could commit to investing and help to realize its full potential. Accordingly,
AkzoNobel's intention would be to seek a new owner for its shareholding in ICI
Pakistan through a formal sale process once the paints business is separated.
The procedure for achieving this strategic change would involve a two-stage
process. Initially, two companies would be created through a de-merger process
approved by the shareholders of ICI Pakistan and sanctioned by the Pakistani
courts. Both would be listed and AkzoNobel would own 75.8 percent of each. The
business, assets and liabilities of the paint business would be called AkzoNobel
Pakistan Limited. ICI Pakistan would comprise all of the remaining businesses,
assets and liabilities.
Once the de-merger is completed, AkzoNobel would undertake the formal process of
identifying an appropriate buyer for its shareholding in ICI Pakistan.
AkzoNobel recognizes Pakistan as an important market and is committed to
developing its ongoing coatings and paints business together with any other
opportunities for its core activities in Pakistan.
Further announcements will be made in due course.
- - -
AkzoNobel is the largest global paints and coatings company and a major producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers for
our customers. Our portfolio includes well known brands such as Dulux, Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are a
Global Fortune 500 company and are consistently ranked as one of the leaders in
the area of sustainability. With operations in more than 80 countries, our
55,000 people around the world are committed to excellence and delivering
Tomorrow's Answers Today(TM).
Not for publication - for more information
Corporate Media Relations, tel. +31 20 502 7833
Contact: Tim van der Zanden
Corporate Investor Relations, tel. +31 20 502 7854
Contacts: Huib Wurfbain and Ivar Smits
Pdf file AkzoNobel press release:
http://hugin.info/130660/R/1510729/445889.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1510729]
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2011 - 12:20 Uhr
Sprache: Deutsch
News-ID 54076
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