IGI Investments (Private) Limited, a wholly owned subsidiary of IGI Holdings Limited, has received in-principle approval from its board to evaluate the potential acquisition of up to 100% of Akzo Nobel Pakistan Limited, according to a notice filed with the Pakistan Stock Exchange on Wednesday.
The board authorized management to conduct due diligence and assess the purchase of up to 98.3% of Akzo Nobel Pakistan’s shares from ICI Omicron B.V., a wholly owned subsidiary of Akzo Nobel NV, and up to 1.7% from minority shareholders.
“The proposed transaction will be carried out subject to the results of satisfactory due diligence, finalization of the transaction structure, negotiation of purchase price with the substantial shareholder, execution of a definitive agreement, and compliance with applicable laws and regulatory approvals,” IGI Holdings said in the statement.
Akzo Nobel Pakistan, part of the global Akzo Nobel Group, is a leading player in the country’s paints and coatings industry, with its head office in Lahore and operations nationwide.
The company focuses on delivering sustainable and innovative solutions across various sectors.