The board of directors of ICI Pakistan Limited has approved the signing of the shareholders agreement and the incorporation of a joint venture company by ICI, Unibrands and Morinaga.
This was announced by ICI in disclosure of material information sent to Pakistan Stock Exchange (PSX) on Tuesday in relation to the Joint Venture between ICI Pakistan Limited, Morinaga Milk Industry Company Limited of Japan and Unibrands (Private) Limited to set up a facility in Pakistan to, inter alia, manufacture Morinaga infant/growing up formula in Pakistan along with distribution, marketing and sale of such locally manufactured products.
ICI's equity participation in the joint venture would be 51 percent. The combined equity stake of Morinaga and Unibrands will be 49 percent. The approved project cost is up to Rs 4.8 billion and the project is expected to come online in 2018. The implementation of the transaction will be subject to requisite regulatory approval(s).
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Business Recorder, 2017