Dawn of New Era for ICI Australia

14th July, 1997

ICI Australia will welcome over 50,000 new shareholders to its register as a result of the selldown by ICI PLC.

"Today will be remembered as a defining moment in the almost 70 year history of ICI Australia. Today we become a truly independent Australian company", managing director, Philip Weickhardt said. "There is a real sense of energy, enthusiasm and excitement around the place as we look ahead to the opportunities available to us".

Referring to the heavy oversubscription of both the retail and institution offers, Mr Weickhardt said "ICI Australia is pleased by the confidence shown by the investment community in the company".

Mr Weickhardt stressed that while a great deal has been achieved already there is still much more to do. "Our self help initiatives over the past five years have done much to improve the quality of our businesses and their consequent performance. Our challenge now is to build on that foundation, to vigorously pursue our drive to world competitiveness in all our businesses and to capitalise on the enhanced growth opportunities."