IGI Investments acquires 98.31% Stake in Akzo Nobel Pakistan

KARACHI: IGI Investments (Pvt) Ltd a wholly owned subsidiary of IGI Holdings Limited, has completed the acquisition of a 98.31 per cent shareholding in Akzo Nobel Pakistan Limited for Rs15.246 billion, according to a disclosure submitted to the Pakistan Stock Exchange (PSX) on Wednesday.

The transaction was completed on Sept 30, 2026, following the execution of a Share Purchase Agreement between IGI Investments and ICI Omicron B.V., a wholly owned subsidiary of Akzo Nobel N.V.

According to the disclosure, the acquisition was completed after fulfilment of the applicable corporate and regulatory requirements, including obtaining clearance from the Competition Commission of Pakistan (CCP).

The transaction follows an earlier disclosure dated April 16, 2026, concerning the proposed acquisition of the majority stake in Akzo Nobel Pakistan.

Under the completed transaction, IGI Investments has acquired 98.31% of the issued shares of Akzo Nobel Pakistan from ICI Omicron B.V. for a purchase consideration of Rs15,246 million, in accordance with the terms of the Share Purchase Agreement.

IGI Investments has also stated that it intends to acquire the remaining 1.69% stake in Akzo Nobel Pakistan held by minority shareholders through separate arrangements.

The acquisition gives IGI Investments control of the overwhelming majority of the Pakistani paints and coatings company, subject to the completion of the proposed arrangements for the remaining minority shareholding.

Akzo Nobel Pakistan has been part of the global AkzoNobel Group since 2012, when the paints business was separated from ICI Pakistan following a restructuring of the group’s interests. The business has a long history in Pakistan, tracing its roots to ICI Pakistan, which was acquired by AkzoNobel in 2008. The company operates in the paints and coatings sector, with its business primarily focused on decorative paints

The decision to sell the Pakistan business appears to be part of AkzoNobel’s broader global portfolio strategy rather than a publicly stated decision to exit the Pakistan market because of a specific problem with the local business. When announcing the transaction in April 2026, AkzoNobel said the divestment was part of its ongoing strategic portfolio review, aimed at refocusing its capital and capabilities on leading positions in key global markets

The Pakistan divestment also came after AkzoNobel completed the sale of its Indian business, Akzo Nobel India Limited, in December 2025. The company has therefore been undertaking a wider reshaping of its portfolio in South Asia as part of its global strategy. AkzoNobel’s 2025 results also highlighted efficiency initiatives, portfolio actions and a proposed merger with Axalta as part of its broader strategic transformation.