IGI Investments (Private) Limited, a wholly-owned subsidiary of IGI Holdings Limited, has received in-principle approval from its Board of Directors to evaluate the potential acquisition of up to 100% shareholding in Akzo Nobel Pakistan Limited.
IGI Holdings, the parent company, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
The company said that the board, in its meeting held on October 21, authorized the management to evaluate and conduct a due diligence for the purchase of upto 98.3% shareholding from ICI Omicron B.V., a wholly-owned subsidiary of Akzo Nobel NV and upto 1.7% shareholding from minority shareholders of Akzo Nobel Pakistan Limited.
“The proposed transaction will be carried out subject to the results of satisfactory due diligence, finalisation of transaction structure, negotiation of purchase price with the substantial shareholder, execution of a definitive agreement and compliance with applicable laws and upon fulfilment of applicable corporate and regulatory approvals.”
Akzo Nobel Pakistan, part of the global Akzo Nobel Group, is a leading player in the paints and coatings segment in the country.
The company has a head office in Lahore and operations across the country, focusing on delivering sustainable and innovative solutions to various sectors.
