KARACHI: Nimir Industrial Chemicals Limited (NICL) has entered into an agreement to acquire soap manufacturing assets from Procter & Gamble Pakistan (Private) Limited (P&G), located in Hub, Balochistan.
“After the transaction is completed, the HUB plant in Balochistan will be owned by NICL and will continue to manufacture Safeguard soap for P&G as a toll manufacturer,” NICL informed the PSX in a notification on Thursday. The company informed that the Competition Commission of Pakistan has also given its approval to proceed with the transaction.
It said, “Subject to the completion of formalities regarding the transfer of assets (with the exception of the soap mould and intellectual property rights relating to the Safeguard brand), NICL intends to take possession and control of the facility effective September 1, 2024.”
