IGI Investments acquires 98.31% stake in Akzo Nobel Pakistan for Rs16.2 billion

IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings Limited, has executed a share purchase agreement to acquire a 98.31% stake in Akzo Nobel Pakistan Limited at an enterprise value of Rs16.224 billion (50 million Euros), according to a disclosure submitted to the Pakistan Stock Exchange on Friday.

The transaction was approved by the board of IGI Investments on April 16, 2026, following completion of due diligence. 

The agreement has been signed with ICI Omicron B.V., a wholly owned subsidiary of Akzo Nobel N.V., for the acquisition of shares of Akzo Nobel Pakistan Limited.

“IGI Investments has now entered into and executed a Share Purchase Agreement with ICI Omicron B.V. (a wholly-owned subsidiary of Akzo Nobel N.V.) (“Seller”) in relation to the acquisition of the Shares of the Target (itself and/or along with one or more Group company) in accordance with and subject to the terms and conditions of the Share Purchase Agreement,” the disclosure stated. 

Completion of the transaction is subject to regulatory and corporate approvals, including clearance from the Competition Commission of Pakistan.

The company also indicated the possibility of increasing its stake further through separate arrangements with minority shareholders. “IGI Investments may, subject to applicable law and through separate arrangements with the relevant minority shareholders, also acquire up to 1.69% shares of the Target,” the notice said.

The company requested the exchange to disseminate the information to market participants, noting that the transaction would proceed upon fulfilment of all legal and regulatory requirements.

On Thursday, Profit was the first to report that after months of due diligence, negotiations, and back-and-forth between the parties, Packages Group and AkzoNobel are close to finalising a deal for the sale of the Dutch paint manufacturer’s business and assets in Pakistan. Negotiating teams from both sides have travelled to Istanbul, where discussions have reached the final stage of completing formalities.

IGI Holdings first informed the PSX that they were interested in AkzoNobel in October 2025. An initial figure for the sale was also discussed privately between the two parties. Packages and AkzoNobel naturally declined to comment on what this figure was, considering the deal has still not reached an official conclusion.

However, a senior executive of a different paint manufacturing company told Profit the figure circulating in the industry was Rs16 billion — including all of AkzoNobel’s real estate assets.

IGI Holdings Limited, the holding company behind Packages Group, operates as an investment holding entity, with a mandate to acquire, hold, and dispose of securities and financial instruments in compliance with applicable laws in Pakistan. The company was incorporated as a public limited company in 1953 under the then Companies Ordinance, 1984 (now replaced by the Companies Act, 2017).