IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings Limited, has completed the acquisition of a 98.31% stake in Akzo Nobel Pakistan Limited for Rs15.25 billion.
IGI Holdings disclosed this in a filing to the Pakistan Stock Exchange (PSX) on Wednesday.
“Further to the execution of the Share Purchase Agreement (SPA) for the acquisition of 98.31% shares of Akzo Nobel Pakistan Limited with ICI Omicron B.V., the transaction has been completed on September 30, 2026 upon payment of Rs15,246 million as purchase price in accordance with the terms of the SPA following compliance with applicable laws and fulfillment of the applicable corporate and regulatory requirements, including clearance from the Competition Commission of Pakistan,” read the notice.
“IGI Investments also intends to acquire the remaining 1.69% shares of the Target held by the minority shareholders through separate arrangements,” it added.
Akzo Nobel Pakistan manufactures and sells decorative paints and industrial coatings and has a longstanding presence in the domestic market.
Last month, the Competition Commission of Pakistan (CCP) cleared IGI Investments (Private) Limited’s acquisition of Akzo Nobel Pakistan Limited.
Market participants view the move as a consolidation play within the sector, with IGI Holdings aiming to leverage synergies, strengthen its portfolio, and tap into growth opportunities in Pakistan’s construction, industrial, and consumer markets.
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