International. AkzoNobel has reached an agreement to sell its 75.81% stake in ICI Pakistan Limited to the Hermanos Yunus Group for US$152.5 million. The transaction is expected to close later this year, once it has obtained regulatory approvals and the buyer completes a legally required offer of at least 50% of ICI Pakistan's shares held by other shareholders.
The deal continues with the restructuring of AkzoNobel's activities in Pakistan last month, which led to the spin-off of ICI Pakistan's paints and coatings business and coatings companies to the new company, AkzoNobel Pakistan Limited.
The newly formed firm is 75.81% owned by Akzo Nobel and continues to focus on decorative paints, performance coatings and specialty chemicals.
ICI Pakistan Limited has been a subsidiary of Akzo Nobel since 2008, when the company acquired Imperial Chemical Industries. While the Hermanos Yunus Group is a leading conglomerate in Pakistan, with an interest in the cement and textile, energy and real estate industries. It had revenues of €775 million in 2011.
