ICI Pakistan expected to receive final approval from the Corporate Law Authority before the end of April to proceed with the company’s Rs 1,283 million ($41.5 million) rights issue.
The issue to existing shareholders is to raise funds for new development projects. ICI Pakistan has about 6,700 shareholders. The UK’s ICI is the beneficial owner of 61.5 per cent (MEED 17:3:95). A book closure will be announced in May.
The company has already received first stage approval to proceed with Pakistan’s first plant to make the polyester fibre ingredient, purified terephthalic acid (PTA). The project is due to go before ICI’s board in the third quarter of 1995 for final approval. ICI has acquired land at Port Qassim to build the plant, which will have a capacity of 350,000 – 400,000 tonnes a year (t/y) and will cost over $400 million. The US’ Foster Wheeler has been appointed to undertake preliminary designs.
Work on a polyestre fibre plant expansion at Port Qasim, which will cost about Rs 3,200 million ($104 million), is already underway. The expansion will increase capacity to about 60,000 t/y of polyester fibre and raise polymer capacity to 63,000 t/y, producing a polymer surplus which can be used to make further products such as polymer chips for the spinning industry. The local Descon Engineering is due to complete the plant in 1996.
ICI has recently commissioned a 10,000 t/y sodium bicarbonate plant at the company’s existing Khewra soda ash plant in the Punjab.