Hub: Nimir Industrial Chemicals Limited (NICL) has successfully completed the necessary agreements to take over a soap manufacturing plant from Procter and Gamble Pakistan (Private) Limited (PandG), located in Hub, Balochistan, with the acquisition slated to finalize by September 1, 2024.

Following prior disclosures on February 23 and April 24, 2024, regarding its plans, NICL provided further details of the transaction. The facility will soon be under the full possession and control of NICL, although it will continue to produce Safeguard soap for PandG under a toll manufacturing agreement. The assets to be transferred exclude the soap mould and the intellectual property rights of the Safeguard brand.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition received the green light from the Competition Commission of Pakistan, as per the guidelines of section 11 of the Competition Act, 2010. This approval paves the way for NICL to finalize the formalities and assume operation of the facility.

The transaction is documented in compliance with the Securities Act 2015 and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited. An additional disclosure form, as stipulated under SRO 143(1)2012 dated December 5, 2012, which further reads in conjunction with sections 96 and 131 of the Securities Act, was also filed to ensure transparency and legal conformity.