P&G to sell Port Qasim manufacturing assets to Colgate-Palmolive

Colgate-Palmolive (Pakistan) Limited (COLG) plans to acquire land, a manufacturing facility, and related assets at Port Qasim, Karachi, from Procter & Gamble (Pakistan) Limited. The listed FMCG disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is to inform you that the Board of Directors of Colgate-Palmolive (Pakistan) Limited has approved to negotiate and enter into an asset purchase agreement with Procter & Gamble (Pakistan) Limited for the acquisition of land, manufacturing facility and assets located at Port Qasim, Karachi,” read the notice. The transaction will remain subject to the execution of the asset purchase agreement, regulatory approvals and completion of all necessary formalities, it added.