Nimir Industrial Chemicals Limited (KASE:NICL) agreed to acquire 69.48% stake in Descon Chemicals Limited (KASE:DCH) from Abdul Razak Dawood, Taimur Dawood, Faisal Dawood, Bilquis Dawood and Mehreen Dawood for PKR 370 million on September 5, 2015. Nimir Industrial will acquire 138.6 million shares of Descon Chemicals for PKR 0.5 per share. Nimir Industrial Chemicals entered into agreement to acquire 69.48% stake in Descon Chemicals Limited (KASE:DCH) from Abdul Razak Dawood, Taimur Dawood, Faisal Dawood, Bilquis Dawood and Mehreen Dawood for PKR 370 million on November 3, 2015. The deal is subject to completion of all necessary regulatory approvals, approval from Competition Commission of Pakistan and formalities.

Nimir Industrial Chemicals Limited (KASE:NICL) completed the acquisition of 69.48% stake in Descon Chemicals Limited (KASE:DCH) from Abdul Razak Dawood, Taimur Dawood, Faisal Dawood, Bilquis Dawood and Mehreen Dawood on January 1, 2016.