KARACHI - The Board of Directors of ICI Pakistan decided that ICI Pakistan should be divided into two entities, both of which will be listed on the Karachi, Lahore and Islamabad Stock Exchanges. One such entity will be Akzo Nobel Pakistan Limited (comprising the Paints Business) and the other will be ICI Pakistan Limited (retaining all other businesses of ICI Pakistan), says a press release. The Board of Directors has also decided that the separation of the Paints Business should be achieved through a demerger, sanctioned by the Court, and that this should be on the basis of the financial statements of the Company as at 30 June 2011. The de-merger is contingent upon approval by the shareholders, regulators and the High Court of Sind.