Chemicals Pakistan is part of AkzoNobel’s 75.8 percent stake in ICI Pakistan Limited, a listed company in Pakistan (the company’s stake in Pakistan PTA Limited was divested during 2009). The company focuses primarily on the Pakistan domestic market and has a diversified portfolio, serving a broad industrial spectrum. Main products include soda ash, polyester fiber, pharmaceutical and agricultural products and a host of specialty chemicals.
Despite a difficult business environment, Chemicals Pakistan out performed 2008 in local currency, mainly due to higher volumes in the Polyester and Life Sciences businesses. Margin management and other operational efficiencies also contributed to a 15 percent improvement in EBITDA in local currency.
During 2009, AkzoNobel divested its 75.8 percent stake in the PTA activities of the Chemicals Pakistan business to Korean company KP Chemical Corporation (KPC). The holding in Pakistan PTA Limited was acquired by AkzoNobel in 2008 as part of its acquisition of ICI.
in € millions
Waqar A Malik
Chief Executive ICI Pakistan
Chairman Pakistan PPTA