The Board of Directors (BoD) of Lucky Core Industries Limited, previously known as ICI Pakistan Limited, has approved the acquisition of Pfizer Pakistan Limited manufacturing facility in Karachi.
The chemical company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“The Board of Directors of Lucky Core Industries Limited have approved the purchase of a manufacturing facility owned by Pfizer Pakistan Limited located at B2 SITE Karachi,” read the notice.
Along with the manufacturing facility, the BoD also approved the acquisition of certain pharmaceutical products, and the acquisition of trademarks associated with the said pharmaceutical products, either through an outright assignment of the trademarks or a perpetual license to use the relevant trademarks, from relevant Pfizer group entities.
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The BoD have further authorized the “finalization and execution of the definitive transaction documents/agreements including the asset purchase agreements, trademark license agreement and all ancillary documents forming part of the transaction with Pfizer Pakistan Limited and/or its group entities,” read the statement.
The company said that the completion of this transaction will be subject to receipt of necessary approvals and completion of formalities.
LCI is engaged in five diverse businesses: polyester, soda ash, chemicals & agri sciences, pharmaceuticals and animal health.
The company manufactures and trades in a wide range of products including polyester staple fibre (PSF), soda ash, general and specialty chemicals, pharmaceuticals, nutraceuticals, animal health products and agricultural products.
Earlier this year, Lucky Core Ventures (LCV), a wholly-owned subsidiary of LCI terminated a Share Purchase Agreement (SPA) with Lotte Chemical Corporation (LCC), a South Korean chemical giant, for the acquisition of over 1.13 billion ordinary shares of its affiliate Lotte Chemical Pakistan Limited (LOTCHEM).
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