AMSTERDAM, the Netherlands -- AkzoNobel has completed the restructuring of its activities in Pakistan by formally establishing AkzoNobel Pakistan Limited as a separate legal entity from ICI Pakistan. 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, with Jehanzeb Khan having been appointed as 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.