ICI sells Pakistan PTA shares.(Brief Article)

Chemical Week, September, 2004

ICI Pakistan says it has sold 18.9% of Pakistan PTA Ltd. via a private placement of shares. The transaction is valued at PRs3 billion ($51 million), ICI Pakistan says. The deal cuts the ICI group's stake in Pakistan PTA to 75%. The remaining Pakistan PTA shares are listed on the Islamabad, Karachi, and Lahore, Pakistan stock exchanges.

ICI owns 75.8% of ICI Pakistan. Pakistan PTA operates a 400,000-m.t./year purified terephthalic acid plant at Port Qasim, Pakistan. ICI has been trying to divest the business since the 1990s, when ICI decided to quit petrochemicals.