Akzo Nobel N.V. (AkzoNobel) is seeking approval from the board and shareholders of ICI Pakistan Limited (ICI Pakistan) to separate the organization’s paints and chemicals businesses.

AMSTERDAM, the Netherlands – Akzo Nobel N.V. (AkzoNobel) is seeking approval from the board and shareholders of ICI Pakistan Limited (ICI Pakistan) to separate the organization’s paints and chemicals businesses. Under the terms of the proposal, AkzoNobel would retain direct majority control of the paint business by separating it into a new legal entity, AkzoNobel Pakistan Limited, through a de-merger process approved by the Pakistani courts. Subsequently, AkzoNobel would dispose of its entire shareholding in the remainder of ICI Pakistan.