The Karachi Stock Exchange (KSE) has approved the application for formal listing and quotation of shares of Akzo Nobel Pakistan Limited on completion of all formalities requirements under the Listing Regulations of the Exchange.
The company is being listed on the Exchange pursuant to the scheme of re-construction of ICI Pakistan Limited through de-merger of its paint business on the basis of net asset of this business as disclosed in the financial statement of the Company.
The issued share capital of ICI Pakistan Limited was Rs 1388.023 million divided into 138.802 million ordinary shares of Rs 10 each. Out of which Rs 923.59 million comprising 92.359 million ordinary shares has been retained with ICI Pakistan Limited and the remaining Rs 464.432 million comprising 46.443 million ordinary shares of Rs 10 each has been transferred as part of the Paint Undertaking to Akzo Nobel Pakistan Limited. The split of the share capital is based on the ratio i.e. 66.54:33.46. The KSE on Wednesday notified that trading in the shares of the Company will start on the Ready Board of the Exchange from July 13, and all transactions taking place in respect of the Company shall be settled on T+2 settlement basis from the said date. The first settlement date will be July 17. The market lot of the Company will be one share of Rs 10. According to a KSE notice, the shares of the Company have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL), which has assigned Company Code/Security Symbol as "AKZO".
Taking into consideration the total market capitalisation on the last day of trading in the shares of ICI Pakistan Limited (before de-merger), the swap ratio and the number of shares outstanding, the opening price of the shares of Akzo Nobel Pakistan Limited will be Rs 131.07 being the closing price, before suspension of trading in the shares of ICI Pakistan Limited. The normal circuit breakers i.e. five percent or Re 1, whichever is higher on the opening price will be applicable. The Share Registrar of the Company is FAMCO Associate (Pvt) Limited, Karachi. The Company will be quoted under "Construction Materials (Cement)" Sector of the Daily Quotations of the Exchange.