IGI Investments seeks to acquire Akzo Nobel Pakistan

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.