Karachi: Ontex Group NV, Belgian developer and producer of care products and solutions announced that it has completed divestment of its business in Pakistan to ASAIA Holding FZ.

Transaction includes Ontex’s plant and business in Pakistan, company, which manufactures baby care, feminine care and adult care products, said in statement. “We closed this divestment, allowing us to strengthen our focus on our core retail brand and healthcare markets,” Gustavo Calvo Paz CEO of Ontex, was quoted as saying. “I would like to thank team in Pakistan for their contribution to our business. I wish them very best as they write this new chapter together,” he added. As per statement, Ontex’s latest divestment follows divestment of Mexican activities in February 2023 and Algerian activities in April 2024. Company said remaining activities for which Ontex is pursuing strategic options are Brazil and Turkey.

In June last year, Shell, one of world’s largest energy and petrochemical companies, announced to divest completely from Pakistan after economic crisis in country severely impacted earnings of its subsidiary Shell Pakistan Limited. SPL posted loss of Rs 4.6 billion in 1QFY23 versus similar period last year from profit after tax of Rs 2 billion.