KARACHI: ICI Pakistan Ltd, which will soon be formally renamed Lucky Core Industries Ltd, said on Friday it’s executed a share purchase agreement with Morinaga Milk Industry Company Ltd under which the Japanese firm will buy 26.5 per cent shares in the local company’s subsidiary — NutriCo Morinaga — at an aggregate price of $45 million or $2.07 per share.

In addition, 6.8pc of the shares of NutriCo Morinaga will be sold to the Japanese investor by the local company’s other shareholders, which will also continue to remain shareholders upon the completion of the transactions.

Japan’s Morinaga Milk Industry Company Ltd will thus acquire a total shareholding of 33.3pc in the local company — which is engaged in the manufacturing and trading of infant and grown-up formula — from its existing shareholders, including ICI Pakistan Ltd that controls a 51pc stake.

ICI Pakistan will continue to hold about 24.5pc of the company’s shares after the transaction is over.

NutriCo Morinaga was established as a joint venture between ICI Pakistan, Morinaga Milk and Unibrands Ltd to locally manufacture and distribute nutritional formula products.

Published in Dawn, September 17th, 2022