The board of directors of ICI Pakistan Limited, in a communication sent to the Karachi Stock Exchange (KSE), have announced the completion of modalities for the acquisition of ICI Plc UK, parent company of ICI Omicron BV, by Akzo Nobel NV.
With this acquisition, Akzo Nobel becomes the ultimate holding company, although ICI Pakistan Limited remains a direct subsidiary of ICI Omicron BV. Akzo Nobel is a fortune global 500, reputedly the Chemicals industry leader on the Dow Jones Sustainability Indexes and is included on the FTSE4Good Index. Based in the Netherlands, Akzo is a multicultural organisation-serving customers throughout the world with coatings and chemicals. Currently employing around 43,000 people, Akzo has operating subsidiaries in more than 80 countries. Consolidated revenues for 2006 totalled EUR 10 billion.
In 2000 the Company's PTA business including the $490m plant was demerged to create Pakistan PTA Ltd, which is also an ICI Plc subsidiary and listed on the Karachi Stock Exchange.-PR