IGI Holdings completes acquisition of Akzo Nobel Pakistan

IGI Holdings has completed its acquisition of a 98.31% stake in Akzo Nobel Pakistan, a deal that market participants view as a consolidation play in the country's paints and coatings sector. IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings, paid Rs15.25 billion for the stake, according to a filing to the Pakistan Stock Exchange on Wednesday.

The filing stated that the transaction with ICI Omicron B.V. was completed on September 30, 2026, upon payment of Rs15,246 million as purchase price, following compliance with applicable laws and corporate and regulatory requirements, including clearance from the Competition Commission of Pakistan. IGI Investments also intends to acquire the remaining 1.69% shares held by minority shareholders through separate arrangements, the notice added.

Last month, the Competition Commission of Pakistan cleared the acquisition. Akzo Nobel Pakistan manufactures and sells decorative paints and industrial coatings and has a longstanding presence in the domestic market.

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.