LAHORE - The Board of Directors of ICI Pakistan (ICI) has approved reconstruction of ICI whereby the Paints Undertaking will be separated from ICI and transferred and vested in AkzoNobel Pakistan along with all its assets, rights, liabilities and obligations against the issue of shares by AkzoNobel Pakistan to the shareholders of ICI. According to experts, AkzoNobel shall issue at par 46,443,250 ordinary shares at Rs10 each; allotment shall be made in proportion to the shares of ICI held by the registered shareholders of the company. Therefore, each shareholder in ICI shall be allotted 33.46 fully paid up ordinary shares of AkzoNobel Pakistan. The same would result in a reduction in the issued and paid up share capital of ICI to 92,359,050 ordinary shares of Rs10 each. Therefore each shareholder shall be allocated 66.54 shares of ICI. Shares in the reduced capital of ICI will continue to be listed while shares of AkzoNobel shall be listed in due course. However, fractional shares shall not be issued till the separation takes place; in the meantime all entitlements shall be aggregated and consolidated and registered in the name of the Secretaries of the respective companies.