AkzoNobel to sell share in ICI Pakistan to Yunus Brothers Group

30 July 2012 09:46  [Source: ICIS news]

SINGAPORE (ICIS)--AkzoNobel is selling its 75.81% share in ICI Pakistan to Pakistan-based conglomerate Yunus Brothers Group for $152.5m (€123.5m), the Netherlands-headquartered coatings and specialty chemicals maker said on Monday.

The price represents a premium of 30% on the market price when the local stock exchange closed on 27 July, the company said in a statement.

The deal is expected to be completed “towards the end of this year”, pending regulatory approvals, it said.

This latest deal follows the restructuring of AkzoNobel's activities in Pakistan last month, which involves the demerger of ICI Pakistan's paints and coatings businesses into the new listed company, AkzoNobel Pakistan.

ICI Pakistan is listed on the Karachi, Lahore and Islamabad stock exchanges.

Further details of ICI Pakistan’s shareholding following the deal were not disclosed.

($1 = €0.81)

By: Nurluqman Suratman

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