IGI Holdings Signs Agreement to Acquire Majority Stake in Akzo Nobel Pakistan
IGI Holdings Limited has taken a significant step toward expanding its business portfolio by moving ahead with the acquisition of a majority stake in Akzo Nobel Pakistan Limited.
According to a material information disclosure submitted to the Pakistan Stock Exchange (PSX) on April 16, 2026, IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings, has entered into a Share Purchase Agreement with ICI Omicron B.V., a wholly owned subsidiary of Akzo Nobel N.V.
The agreement covers the proposed acquisition of 98.31% of the shares of Akzo Nobel Pakistan Limited at an enterprise value of PKR 16.224 billion. The transaction follows the completion of due diligence and approval by the Board of Directors of IGI Investments at its meeting held on April 16, 2026.
Transaction Subject to Regulatory Approvals
While the Share Purchase Agreement has been executed, the acquisition has not yet been completed. The company stated that completion remains subject to compliance with applicable laws and the fulfillment of corporate and regulatory requirements.
A key condition is obtaining clearance from the Competition Commission of Pakistan (CCP). The transaction will proceed once the required approvals and other applicable conditions have been satisfied.
IGI Investments has also been authorized by its Board to take the necessary steps to finalize the acquisition in accordance with applicable laws.
Potential Purchase of Additional Shares
The disclosure also indicates that IGI Investments may acquire up to an additional 1.69% of Akzo Nobel Pakistan from relevant minority shareholders, subject to applicable laws and separate arrangements. If completed, this could further increase IGI Investments’ ownership in the company.
Strategic Move for IGI Holdings
The proposed acquisition represents an important expansion for IGI Holdings, adding a major industrial business to its investment portfolio. The transaction also marks a notable development for Akzo Nobel Pakistan, as ownership of the company is set to undergo a significant change following the proposed sale by ICI Omicron B.V.
For investors, the key development to watch will now be the completion of the required regulatory and corporate approvals. Until those conditions are fulfilled, the transaction remains subject to the terms of the Share Purchase Agreement.
The disclosure was signed by Saniya Saeed Khan, Company Secretary of IGI Holdings Limited, and formally submitted in accordance with the Securities Act, 2015 and applicable Pakistan Stock Exchange requirements.
Conclusion
IGI Holdings’ proposed acquisition of a 98.31% stake in Akzo Nobel Pakistan for an enterprise value of PKR 16.224 billion is a significant corporate transaction. With the Share Purchase Agreement now executed, attention will turn to regulatory clearance and the remaining conditions required for completion.
If finalized, the deal would substantially reshape the ownership structure of Akzo Nobel Pakistan and further broaden IGI Holdings’ business interests.
