Karachi January 19 2023: Lucky Core Industries Limited ,formerly ICI Pakistan Limited, has successfully concluded the sale of 21,763,125 ordinary shares, constituting approximately 26.5% of the issued and paid up capital, of NutriCo Morinaga (Private) Limited (NMPL) to Morinaga Milk Industry Co., Ltd. (Morinaga Milk).
Lucky Core Industries is also buying majority stake in Pakistan chemical unit of Lotte Chemical at a value of Won 192.4 billion (USD 156 million).
Company concluded deal in terms of the Share Purchase Agreement dated September 16,2022, entered into between the Company, certain other shareholders of NMPL, and Morinaga Milk. The sale consideration of the total shares sold by the Company and certain other shareholders of NMPL to Morinaga Milk is USD 56,600,000/-, with the Company's share being USD 45,082,657/-.
As a consequence of the said transaction, the Company will continue to hold approximately 24.5% of the issued and paid up capital of NMPL, whilst Morinaga Milk's shareholding has increased to 51 % of the issued and paid up share capital of NMPL.