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IGI Holdings Limited has announced that its wholly-owned subsidiary, IGI Investments (Private) Limited, has received in-principle board approval to evaluate the acquisition of up to 100% of Akzo Nobel Pakistan Limited. The move was disclosed in a material information notice to the Pakistan Stock Exchange (PSX) on 21 October 2025.
According to the filing, IGI Investments is exploring the purchase of up to 98.3% of Akzo Nobel Pakistan from ICI Omicron B.V. (a wholly-owned subsidiary of Akzo Nobel N.V.) and up to 1.7% from minority shareholders.
Akzo Nobel Pakistan is an unlisted public limited company that manufactures and sells paints and coatings across Pakistan.
What the Deal Involves
This is not a done deal yet. IGI’s in-principle approval covers:
- Conducting due diligence on Akzo Nobel Pakistan.
- Finalising the transaction structure (whether share purchase, asset deal, etc).
- Negotiating the purchase price with the substantial shareholder.
- Execution of a definitive agreement and obtaining corporate & regulatory approvals.
The company secretary of IGI Holdings, Ms Saniya Saeed Khan, formally signed the filing.
Strategic Significance & Next Steps
For IGI Holdings, known primarily as an investment holding company in insurance and financial services (per its own “Our Company” profile), moving into the paints and coatings sector represents a sizeable strategic diversification.
The acquisition, if completed, could give IGI control of Akzo Nobel Pakistan’s manufacturing operations, brand presence, and market reach in the coatings domain in Pakistan.
From a timeline perspective, key steps still pending include:
- Satisfactory conclusion of due diligence
- Final price negotiation & structure agreement
- Corporate/regulatory clearances
The disclosure emphasises that:
“The proposed transaction will be carried out subject to the results of satisfactory due diligence, finalisation of transaction structure, negotiation of purchase price (execution of a definitive agreement and compliance with applicable laws), and upon fulfilment of applicable corporate and regulatory approvals.”
IGI has not disclosed the exact purchase price at this stage. The timeline for closing or how the acquisition might be financed is also not confirmed.
What to Watch
Regulatory approvals:
Since this involves a foreign-owned target (Akzo Nobel Pakistan with ICI Omicron as a major shareholder) and a potential full takeover, relevant Pakistani regulatory bodies will likely be involved.
Market reaction:
Shareholders of IGI and the coatings market may closely observe how this diversification impacts IGI’s valuation and business model.
Integration plan:
IGI’s strategy for integrating manufacturing, operations, and the brand of Akzo Nobel Pakistan could shape its future growth trajectory.
