Lucky Cement-led consortium acquires ICI Pakistan

Lucky Cement, in consortium with other Yunus Brothers Group (YBG) entities, has acquired a 75.81 per cent shareholding in chemical producer ICI Pakistan from Omicron BV, a 100 per cent owned subsidiary of AkzoNobel NV of The Netherlands.

The Share Purchase Agreement was signed in Amsterdam on 27 June 2012 after the close of stock markets. The bid value of this acquisition is US$152.2m.

Lucky Cement Limited – the flagship company of Yunus Brothers Group lead the consortium with 50 per cent share in the acquisition followed by Yunus Textile Mills Ltd, Gadoon Textile Mills Ltd, Lucky Textile Mills Ltd and YB Pakistan Ltd, statement said.