AkzoNobel has completed the restructuring of its activities in Pakistan by formally establishing AkzoNobel Pakistan Limited as a separate legal entity from ICI Pakistan. As previously announced, the split means that the company has started the formal sale process to divest its 75.81% shareholding in ICI Pakistan.
The new AkzoNobel Pakistan Limited business is focused on three core areas - Decorative Paints, Performance Coatings and Specialty Chemicals. An appropriate management and organizational structure is currently being finalized, with Jehanzeb Khan having been appointed as its CEO.
"Pakistan offers clear opportunities for the future and we are committed to realizing our growth ambitions through these more strategically focused activities," explained Leif Darner, AkzoNobel's Executive Committee member responsible for the Middle East. "ICI Pakistan remains an attractive proposition with a number of strong businesses and we are confident that we will find a new owner better suited to achieving their obvious potential."
The coatings activities of ICI Pakistan were transferred to the newly-formed AkzoNobel Pakistan Limited through a legal process of demerger. ICI Pakistan's business now comprises polyester fiber, soda ash, life sciences and chemicals.