ICI Pakistan Limited has entered into and executed the Share Purchase Agreement (SPA) with Morinaga Milk Industry Co. Ltd. Japan.
Under the agreement, Morinaga Milk will purchase 21,763,1 25 ordinary shares of NutriCo Morinaga (Private) Limited (NMPL) from ICI Pakistan, constituting approximately 26.5 percent of the issued and paid-up share capital of NMPL at an aggregate sale price of $45,082,657 which comes to $2.07 per share.
In a notice to the Pakistan Stock Exchange (PSX) issued on Friday, ICI Pakistan said it will continue to hold approximately 24.5 percent of the issued and paid-up share capital of NMPL upon the sale of the above-referred shares.
Additionally, in terms of the SPA, approximately 6.8 percent of the shares of NMPL are to be sold to Morinaga Milk by other shareholders of NMPL (who will also continue to remain shareholders of NMPL upon such sale). Following the closing of the transaction, Morinaga Milk will hold 51 percent of the issued and paid-up share capital of NMPL.
The implementation of the SPA is subject to receipt of requisite corporate and regulatory approvals and fulfillment of the closing conditions.
ICI Pakistan has also entered into a Shareholders Agreement with the shareholders of NMPL which will be effective from the closing of the share purchase transaction.