The Karachi Stock Exchange (KSE) has announced that the trading in the shares of ICI Pakistan Limited will resume on the Exchange with effect from Friday, July 13, 2012.
According to a KSE notice issued here on Wednesday, the company had an issued share capital of Rs 1388.023 million divided into 138.802 million ordinary shares of Rs 10 each. Out of which Rs 923.590 million comprising of 92.359 million ordinary shares has been retained within the Company and the remaining Rs 464.432 million comprising of 46.443 million ordinary shares of Rs 10 each has been transferred as part of the Paint Undertaking to Akzo Nobel Pakistan Limited as a result of 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 statements of the Company. The split of the share capital is based on the ratio i.e. 66.54:33.46.
Taking into consideration the total market capitalisation on the last day of trading in the shares of ICI Pakistan Limited (before de-merger) and the swap, it has been decided that the opening price of the shares of ICI Pakistan Limited will be Rs 131.07 being the closing price, before suspension of trading in the shares of the Company.
The normal circuit breakers i.e. 5 percent or Re 1.00 whichever is higher on the opening price will be applicable, the KSE notice said.