IGI Holdings’ subsidiary has an agreement to acquire 98.31% of Akzo Nobel Pakistan Limited for an announced enterprise value of PKR 16,224 million, and Pakistan’s Competition Commission has approved the transaction after a Phase-I review. That approval is a regulatory milestone—not confirmation that the shares have transferred. IGI’s disclosure also described a possible purchase of the remaining 1.69% from minority shareholders, but did not say it had happened.
What IGI agreed to buy
On 16 April 2026, IGI Holdings disclosed that its wholly owned subsidiary, IGI Investments (Private) Limited, had signed a share purchase agreement with ICI Omicron B.V. for 98.31% of Akzo Nobel Pakistan Limited. ICI Omicron is described in the filing as a wholly owned subsidiary of Akzo Nobel N.V. The announced enterprise value was PKR 16,224 million. The agreement allows IGI Investments to acquire the shares itself and/or alongside one or more group companies, subject to the agreement’s terms and conditions. IGI Holdings’ 16 April 2026 disclosure
Enterprise value is the figure IGI announced for the transaction; the disclosure does not establish that this amount has been paid or that the acquisition has closed.
What the regulatory approval means
On 25 August 2026, the Competition Commission of Pakistan (CCP) announced that it had approved IGI Investments’ acquisition of Akzo Nobel Pakistan shares from ICI Omicron following a Phase-I competition assessment. The CCP identified decorative coatings (paint) and industrial coatings as the relevant product markets, and Pakistan as the relevant geographic market for its assessment. Its announcement does not state a market share, price effect, remedy, or detailed competitive finding, so none can be inferred from the approval notice. CCP approval announcement, 25 August 2026
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The CCP’s public Phase-I register separately gives 4 August 2026 as the date of the first-phase review order. That register entry and the later public approval announcement are distinct records with distinct dates. CCP Phase-I register
Approval is not the same as a completed share transfer
IGI’s April disclosure said completion remained subject to applicable law and corporate and regulatory approvals, including CCP clearance. Although the CCP has since announced approval, the available company and regulator disclosures cited here do not establish that the 98.31% share transfer has closed, that payment has been made, or that control has passed. The transaction should therefore be described as approved by the CCP, not as a completed acquisition.
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Is IGI buying the remaining 1.69%?
IGI said IGI Investments may, subject to applicable law and separate arrangements with minority shareholders, acquire up to a further 1.69%. This is a stated possibility, not a confirmed purchase. The 98.31% covered by the agreement and the potential minority-share acquisition are separate parts of the proposed path to 100%; the disclosures cited here do not confirm that the additional shares have been acquired. IGI Holdings’ 16 April 2026 disclosure
How the proposal developed
On 21 October 2025, IGI Holdings disclosed in-principle approval to evaluate a possible purchase of up to 98.3% from ICI Omicron and up to 1.7% from minority shareholders. That was an earlier evaluation-stage proposal. The 16 April 2026 disclosure later reported a signed agreement for 98.31%, with a possible additional minority purchase of up to 1.69%. IGI Holdings’ 21 October 2025 disclosure IGI Holdings’ 16 April 2026 disclosure
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Transaction milestones at a glance
| Date | Milestone | What it establishes |
|---|---|---|
| 21 October 2025 | IGI disclosed in-principle approval to evaluate a purchase. | An earlier proposal to evaluate up to 98.3% from ICI Omicron and up to 1.7% from minority shareholders; not a signed acquisition agreement. Source |
| 16 April 2026 | IGI disclosed a signed share purchase agreement. | Agreement covers 98.31% at an announced enterprise value of PKR 16,224 million, subject to terms and conditions and applicable approvals. Source |
| 4 August 2026 | Date listed for the Phase-I review order. | The CCP register’s review-order date. Source |
| 25 August 2026 | CCP announced approval after Phase-I assessment. | Competition clearance was announced; the announcement does not establish that the share transfer closed. Source |
What is still not established
- Whether the 98.31% share transfer has completed.
- Whether the announced enterprise value has been paid.
- Whether IGI Investments or another IGI group company has obtained post-closing control.
- Whether any of the possible additional 1.69% has been acquired from minority shareholders.
Those points require a later company or exchange disclosure to confirm; CCP approval alone does not answer them.
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- VEHICLE-SPECIFIC COLOR FORMULATION – Prepared using the selected manufacturer's automotive paint code. Actual color appearance may vary due to vehicle age, fading, weathering, or previous paint repairs.
- IDEAL FOR CHIPS AND SCRATCHES – Designed to help restore the appearance of minor rock chips, surface scratches, and small paint imperfections without requiring professional spray equipment.
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