ICI Pakistan receives Rs 7bn investment offer, company announces

KARACHI: ICI Pakistan Limited has received an Expression of Interest (EoI) from an international financial institution to invest Rs 7 billion as growth capital into the Company, a company’s statement said here on Thursday.

Commenting on these recent developments, Asif Jooma, Chief Executive of ICI Pakistan Limited, said, “in a challenging economic environment, ICI Pakistan Limited has attracted an expression of interest from a foreign investor to inject up to Rs 7 billion as growth capital.

It said that this is an acknowledgement of the strength of our people, sponsor shareholders and businesses, which are backed by a strong focus on corporate governance, sustainability and core values. This investment has come at an opportune time as this year we will be celebrating the milestone of completing 75 years of successful operations in Pakistan.

As an integral part of the country’s economic fabric and business landscape, the Company reaffirms its commitment to be a partner of choice and contribute to Pakistan’s socio-economic progress.”

The company also announced its net turnover for the year under review increased by 19% to Rs 59,382 million, with the growth being led by Soda Ash (32%), Polyester (30%) and Chemicals & Agri Sciences (4%).

The operating profit for the year at Rs 4,943 million was 7% higher than the same period last year.

On a consolidated basis, Profit after tax (PAT) for the year under review at Rs 2.537 billion is 23% lower than the same period last year, mainly due to interest-rate driven higher finance costs and higher taxation expenses.

The Board has approved a final cash dividend in respect of the financial year ending June 30, 2019, at the rate of 45% i.e. Rs 4.5/- per share of Rs 10/- each to be payable to the members. This is in addition to the 45% Interim Cash Dividend (i.e. PKR 4.5/- per share) already paid, as recommended by the Board of Directors.