Lucky Holdings Limited (LHL), a group of five companies which recently acquired controlling stakes in the ICI Pakistan Limited, intends to buy 12 percent more shares of the paint giant through public offer.
LHL, comprising Lucky Cement, Gadoon Textile Mills, Lucky Textile Mills, Yunus Textile Mills and YB Pakistan, had on June 12 acquired over 70.019 million ordinary shares of the ICI Pakistan at a huge cost of over Rs 700.194 million.
The group, however, intends to acquire 12.1 percent or over 11.169 million more shares of the target firm, ICI Pakistan, said Standard Chartered Bank, the group’s financial advisor and manager to the offer, in a communiqué with the stakeholders.
The new acquisition is to be carried out through Initial Public Offering (IPO).
“Up to 11,169,796 ordinary shares of Rs 10 each of the target company consisting 12.1 percent of the total issued and paid up share capital is proposed to be acquired through the public offer process,” the bank added.
The Lucky group had acquired 70,019,459 shares from the ICI Omicron B.V. Also, in line with the Regulation 6(4) of the Listed Companies (Substantial Acquisitions of Voting Shares and Takeovers) Regulations 2008, the LHL Wednesday notified its revised and updated pubic announcement of intention to purchase 75.81 percent voting shares of the ICI Pakistan.
“It has been decided that the shares of ICI Pakistan Limited would be acquired by certain other group companies in addition to Lucky Cement Limited through Lucky Holdings Limited,” the Standard Chartered Bank said.
In the LHL Lucky Cement holds 75 percent shares, Gadoon Textile Mills 1 percent, Lucky Textile Mills 1 percent, Yunus Textile Mills 18 percent and YB Pakistan 5 percent.
