For decades, Syed Babar Ali’s name has stood for clean business, strong governance, and long-term thinking.
But today, that reputation is facing an uncomfortable question:
Should a group built on transparency enter one of Pakistan’s most broken industries?
As AkzoNobel prepares to exit Pakistan, IGI Holdings is reportedly exploring the acquisition. On paper, the deal looks attractive — established brands, existing distribution, and a familiar product category. On the ground, however, the paint industry tells a very different story.
This is a market where:
– Competition is no longer about quality or performance
– Painters, not homeowners, decide which brand gets used
– Hidden “tokens” inside paint buckets drive sales
– Informal manufacturers undercut prices by avoiding taxes and standards
– Clean, compliant companies are steadily being pushed out
– Multinationals aren’t leaving Pakistan’s paint sector by accident.
They’re being squeezed by a system that rewards shortcuts, cash deals, and hidden incentives — a system that directly clashes with the values that built the Packages Group.
In this video, Profit Magazine breaks down:
– Why AkzoNobel’s exit is not surprising
– How the token system quietly controls the industry
– Why painters and dealers hold real power
– How the informal market has distorted competition
– And why this acquisition could put a 70-year legacy at risk
This is not a story about paint. It’s about what happens when integrity meets a market designed to punish it
