he 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).