IGI Investments (Private) Limited — a wholly owned subsidiary of IGI Holdings Limited — has received in-principle approval from its Board of Directors to evaluate the potential acquisition of up to 100% shareholding in AkzoNobel Pakistan Limited, the company announced in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
According to the disclosure, during a meeting held on October 21, the Board authorized management to conduct due diligence and assessment for the potential acquisition of 98.3% shares from ICI Omicron B.V., a wholly owned subsidiary of AkzoNobel N.V., and up to 1.7% shares from minority shareholders of AkzoNobel Pakistan Limited.
The company clarified that the proposed transaction will proceed only upon satisfactory due diligence results, finalization of the transaction structure, successful negotiation of the purchase price with the majority shareholder, execution of definitive agreements, and completion of all required legal, corporate, and regulatory approvals.
AkzoNobel Pakistan — part of the global AkzoNobel Group — holds a leading position in the paints and coatings industry of Pakistan. Headquartered in Lahore, the company operates nationwide and focuses on sustainable and innovative coating solutions catering to diverse industrial and consumer segments.
Industry observers noted that if completed, this acquisition could represent a significant consolidation move in Pakistan’s paints and coatings market, potentially strengthening IGI Holdings’ footprint in the country’s fast-evolving industrial and consumer goods sectors.
