ICI Pakistan Limited to set up a joint venture with Morinaga & Unibrands

September 27, 2016

Lucky Core Industries Limited is pleased to announce its intent to partner with Morinaga Milk Industry Company Limited of Japan, and Unibrands Private Limited, to set up a facility in Pakistan to manufacture Morinaga infant formula products subject to regulatory approval. This partnership will include the distribution, marketing and sales of the locally manufactured infant formula. The new, state-of-the-art manufacturing facility is set to be the first ever Morinaga manufacturing facility established in Pakistan. This development underscores the trust that Lucky Core Industries Limited enjoys, nationally and with international partners, as a result of the Company’s high operating standards in all areas. Lucky Core Industries Limited’s equity stake in the proposed joint venture is intended to be 51%. The combined equity stake of Morinaga Milk Industry Company Limited and Unibrands Private Limited is intended to be 49%. This project will entail an investment of up to PKR 4.8 billion and is expected to come online in 2018. This announcement further builds on the companies’ existing collaboration. Since 2014, NutriCo Pakistan Private Limited (a joint venture between Lucky Core Industries Limited, Morinaga Milk Industry Company Limited and Unibrands Private Limited) has imported, marketed and distributed Morinaga Milk Industry Company Limited products in Pakistan. The total investment of Lucky Core Industries Limited in NutriCo Pakistan Private Limited currently stands at 40%. Founded in 1917, and having had a presence in Pakistan for more than 38 years, Morinaga is a household name trusted by consumers worldwide. It enjoys a reputation for excellence, with a clear emphasis on food safety, reliability and delivering value to customers through beneficial products. The establishment of this facility is yet another step forward for Lucky Core Industries Limited in accordance with its growth aspiration, as shared by Asif Jooma, Chief Executive, Lucky Core Industries Limited: “This new venture is in perfect alignment with our strategy, and the Company’s brand promise, Cultivating Growth. I am pleased to see it materialise in line with plans previously set in motion. At Lucky Core Industries Limited, everything we do is motivated by our desire to create greater value for our customers. And in collaboration with our partners at Morinaga Milk Industry Company Limited and Unibrands Private Limited, I look forward to providing quality nutrition to children across Pakistan through this new initiative.”