Equity Analysis /

ICI Pakistan: Partial divestment from Morinaga

  • Total consideration for the 26.5% stake in Nutrico is estimated c PKR 9.5bn, with a one-off gain for ICI of c PKR7.4bn

  • ICI has received a conditional offer from Morinaga Milk, Japan to acquire approximately 33.3% of (NMPL) for US$56.6mn

  • We believe a non-cash event of PKR1.6bn gain will be realized once the remaining 24.5% holding.

Ali Aziz Soorty
Intermarket Securities
14 July 2022


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