Nimir Industrial Chemicals Limited (NICL), a chemical manufacturer, has successfully completed its acquisition of the soap manufacturing facility from Procter & Gamble Pakistan (Pvt.) Limited.

The listed company, engaged in manufacturing and sales of chemical products, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“Further to our previous notifications dated February 23,2024, April 24, 2024, and July 11, 2024, regarding the acquisition of the soap manufacturing facility located in Hub, Balochistan (Hub Plant), we are pleased to inform you that the transfer process from M/s Procter & Gamble Pakistan (Pvt.) Limited (P&G) to Nimir Industrial Chemicals Limited has been successfully completed as planned,” read the notice.

Nimir Industries informed its stakeholders that it has officially assumed operational control of the Hub Plant effective September 1, 2024.

“This strategic acquisition will enable us to strengthen our presence in the southern region, increase our production capacity, and expand our export operations through seaports.

“We are confident that this transition will significantly contribute to our company’s growth and enhance shareholder value in the years ahead,” it added.

P&G is a company incorporated in Pakistan with extensive business footprint in production and sale of various household products including manufacturing of its own brand of toilet soap, i.e. Safeguard.

Meanwhile, Nimir is a public listed company established in 1964 and has a diverse product portfolio along with toll manufacturing of aerosol, soap products, home and personal care products.

Back in July, the Competition Commission of Pakistan (CCP) approved a merger which involved the acquisition of certain assets of P&G by Nimir.

Nimir intended to acquire certain assets of P&G relating to its manufacturing facility of soap, ‘Safeguard’ and its real estate property located in Hub, Balochistan.