IGI locks in Akzo Nobel Pakistan takeover deal

April 17, 2026 (MLN): IGI Holdings Limited's investment arm has moved a step closer to acquiring control of Akzo Nobel Pakistan Ltd., formalizing a transaction that underscores growing consolidation in the country’s paints and coatings sector.

IGI Investments (Private) Ltd., a wholly owned subsidiary of IGI Holdings, has entered into a share purchase agreement with ICI Omicron B.V., part of Netherlands-based Akzo Nobel N.V., to acquire 98.31% stake in Akzo Nobel Pakistan, the company said in a filing to the Pakistan Stock Exchange.

The deal, approved by IGI Investments’ board on April 16, values the target at an enterprise value of Rs16.22 billion (about $58 million), following completion of due diligence.

Completion of the transaction remains subject to regulatory approvals, including clearance from the Competition Commission of Pakistan, as well as other corporate formalities.

IGI Investments may also seek to acquire up to an additional 1.69% stake from minority shareholders through separate arrangements, potentially increasing its ownership further.

The acquisition marks a strategic push by IGI Holdings to expand its footprint in Pakistan’s industrial and consumer chemicals space, as demand for construction-linked products such as paints continues to track urbanization and infrastructure development trends.

Akzo Nobel Pakistan, part of the global paints and coatings major, has a longstanding presence in the local market, supplying decorative paints and industrial coatings.

The divestment aligns with the parent company’s broader portfolio optimization strategy across emerging markets.

Further details on timelines and financing structure were not disclosed.

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