AkzoNobel completed the restructuring of its activities in Pakistan by establishing AkzoNobel Pakistan Limited as a separate legal entity from ICI Pakistan. As previously announced, the split means that the company has started the formal sale process to divest its 75.81 percent shareholding in ICI Pakistan.
The new AkzoNobel Pakistan Limited business is focused on three core areas—decorative paints, performance coatings and specialty chemicals. An appropriate management and organizational structure is currently being finalized. Jehanzeb Khan has been appointed CEO.
The coatings activities of ICI Pakistan were transferred to the newly-formed AkzoNobel Pakistan Limited through a legal process of demerger. ICI Pakistan's business now comprises polyester fiber, soda ash, life sciences and chemicals.