Lucky Cement-Led Group Buys ICI Pakistan for $152.5 Million
A group led by Lucky Cement Ltd. (LUCK), Pakistan’s biggest maker of the building material, bought 76 percent of chemical producer ICI Pakistan Ltd. from Akzo Nobel NV (AKZA) for $152.5 million, according to a statement to exchanges.
The acquirers, the Yunus Brothers Group, is expanding its businesses to make soda ash, polyester staple fiber and health products, Abid Muhammad Ganatra, director of finance at Lucky Cement, said in a phone interview from Karachi. The group owns cement and textile makers and power producers.
“We see huge potential for business in ICI with some improvement and investments,” said Ganatra.
ICI Pakistan rose by its daily limit of 5 percent to 166.06 rupees at close in Karachi. Lucky Cement declined 4.2 percent to 123.85 rupees.
To contact the reporter on this story: Farhan Sharif in Karachi at email@example.com