Foreign firm to invest Rs7bn in ICI Pakistan

KARACHI: ICI Pakistan Limited (ICI) has received an expression of interest from ‘’an international financial institution’’ to invest Rs7 billion as growth capital into the company through a convertible debt instrument, the company said in a statement.

The transaction is subject to completion of satisfactory due diligence, agreement of definitive contracts and receipt of all relevant approvals.

ICI also unveiled results for the year ended June 30, 2019 disclosing profit after tax, on consolidated basis for the year at Rs2.537bn, 23 per cent lower than the same period last year, mainly due to interest-rate driven higher finance costs and higher taxation expenses.

On a standalone basis, profit after tax for the year under review stood at Rs2.305bn and earning per share at Rs24.96 which was 25pc lower than the same period last year.

The ICI board recommended final cash dividend for the year ended June 30 at Rs4.50 per share which was in addition to Rs4.50 per share, already paid.

The company informed that following ICI’s majority-owned infant formula joint venture with NutriCo Morinaga (Private) Ltd, the manufacturing facility is under construction to produce Morinaga Infant Formula, which will be manufactured, distributed and sold by the company.

The commercial operations are expected to begin during the second half of calendar year 2019.