The Japan-based Morinaga Milk Industry Company Limited has made an investment of $56.6 million in NutriCo Morinaga (Private) Limited after purchasing shares from different sponsors.
Morinaga Milk Industry acquired overall shares of 51 percent of the company including shares of Morinaga Milk Industry.
According to the stock filing, Lucky Core Industries formerly known as Imperial Chemical Industries (ICI) Pakistan Limited has concluded the divestment of 26.5 percent stakes of its subsidiary, NutriCo Morning Private, for $45 million to Morinaga Milk Industry Co. Ltd. Japan.
Under the agreement, Morinaga Milk purchased 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 Wednesday, Lucky Core Industries 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.
Following the closing of the transaction, Morinaga Milk will hold 51 percent of the issued and paid-up share capital of NMPL.
