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 development comes as Akzo Nobel NV has decided to exit the Pakistan market, paving the way for a complete divestment of its local operations.
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.
Good luck Pakistani group.Pakistani invasters really doing good job.
No they are not doing a good job that is why multinational companies are shutting down their operations. Just boosting the stock market is not enough to say that economy is booming. When you have tomatoes selling at 500/kg and general poverty rates at the highest an companies closing down their operations. How can be so naive to say that pak investors are doing good…..
There is nothing strange in it that another multi-national company is leaving Pakistan. There are some obvious reasons behind it. In third world or underdeveloped countries, the Multi-nation companies setup their businesses in late ninteeth or early twentieth century. Pakistan is one of them. Until there were huge profits and no compition from local companies, they made (heuge) money. Now profits are shrinking constantly, local manufacturer threat becoming great to greater and its dificult to repatriate their huge money/profits from and to their headquarters. In future, it will be less profitable so the intelligent/cleaver management changing its style of business. They are not closing but selling their business on huge profit and securing their uncertain businesses. Their products will remain in market and now they would be earning for their raw materials and name. There are many other factors involved too but the time and space contraints do not allow me ink each and every.
as per finance minister companies are exiting pakistan due to global strategy not economic condition of Pakistan 😂🤣
Minister lies.
gee as for your knowledge west to east shift as aramco and chinese companies are comming in…now 😂
Also tell how many companies are coming to Pakistan.
Han Ganja Groups, Mr 10% Groups, Askari Groups…
Ji app hi batadein phir Kon si aarhi hain? Al baik?? 🤣
During the regime of current co-coalition government, many multi-nationsl companies have stopped working in Pakistan and are rolling back. What a tradical happenings in the country and more and more Pakistan is under heavy debts of I. M. F what this regime is doing? Expending their cabinet and shrinking vocal sources of revenues
Butt = hip
Hahah 🤣
There are so many small local paint manufacturers in Pakistan now , multinationals have long enjoyed monopoly
Patwari bc kehain gy mulk traki kr reha
Mention the reason for the exit
The entire business environment in Pakistan is so toxic and destructive that companies have no choice but to exit the most corrupt market in the world – Pakistan. The extortion racket running this country, aka PML-N, has always discouraged businesses in Pakistan. They want all of Pakistan to themselves and their cronies. And to top it all off, we have the deep state head poised to extort huge sums from local and international businesses.
Why would multinational companies stay if we have:
1. Corruption
2. High taxation rates
3. Unpredictable policy shifts
4. High energy costs
5. Unreliable power supply
6. Heavy national debt, with policies increasingly shaped by IMF directives
Weren’t we told that Pakistan psx is rising to record level ? Now what ?
Listed companies don’t trust our stocks. Why don’t you tell the politicians to invest their own lol
Showbaz and the plastic doll
PSX is highly manipulated and controlled via few askari friendly brokers. It’s foolish to invest in PSX.
The stock exchange is never a sound indicator of economy.
According to our judiciary and politicians it is .
Imported PDM government regime backed by Pak Army Acim Moonir (dictator controlling government behind the scenes) has destroyed the economy of Pakistan and its middle class. They are Israel supporters brought in to weaken Pakistan and looto-te-phutto corruption acts while they remain in power.
Good Luck
in pakistan anyone can be picked up , jailed, tortured and killed and no justice . Get into a fight with a politician or bureaucrat or Army officer and see what happens to you