KARACHI: Morinaga Milk Industry Company Limited, Japan has offered to acquire an aggregate 33.3 per cent share of NutriCo Morinaga (Private) Limited (NMPL), a bourse filing said on Thursday.

ICI Pakistan has received a conditional offer from Morinaga Milk to acquire 33.3 per cent of issued and paid up share capital from NMPL’s existing shareholders (including ICI Pakistan) at an aggregate price of $56.6 million, according to the filing.

The board of directors of ICI Pakistan, have granted in-principle approval to ICI Pakistan to move forward with the proposed divestment of 26.5 per cent of its shareholding in NMPL to Morinaga Milk.

NMPL, a subsidiary of ICI Pakistan, was a joint venture between ICI Pakistan, Morinaga Milk and Unibrands (Private) Limited to locally manufacture and distribute nutritional formula products, and was recently merged with NutriCo Pakistan (Private) Limited, which was involved in the import and distribution of selected products of Morinaga Milk.