AkzoNobel Completes PKR 16.2 Billion Sale of Pakistan Operations to Packages Group Subsidiary IGI Investments

AkzoNobel Completes PKR 16.2 Billion Sale of Pakistan Operations to Packages Group Subsidiary IGI Investments

(IN BRIEF) AkzoNobel has completed the sale of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, part of Pakistan-based Packages Group, for an enterprise value of approximately €50 million, or PKR 16.2 billion. The transaction, valued at an EV/EBITDA multiple of 14x, includes AkzoNobel’s Decorative Paints and liquid Coatings businesses in Pakistan. AkzoNobel CEO Greg Poux-Guillaume described the closing as another milestone in the company’s ongoing strategic portfolio review, while Packages Limited CEO and Managing Director Syed Hyder Ali said the acquisition supports the group’s strategy of developing businesses with established brands, strong market positions and long-term growth potential. Packages Group plans to prioritize continuity for employees, customers, distributors and partners following the acquisition. The divestment is part of AkzoNobel’s wider portfolio refocus, which is currently concentrating on its Decorative Paints operations in South East Asia, and follows the December 2025 sale of Akzo Nobel India Limited.

(PRESS RELEASE) AMSTERDAM, 30-Sep-2026 — /EuropaWire/ — AkzoNobel has finalized the divestment of Akzo Nobel Pakistan Limited to IGI Investments (Pvt.) Limited, a member of Packages Group, one of Pakistan’s largest and most diversified business conglomerates.

The transaction values the business at an enterprise value of approximately €50 million, equivalent to PKR 16.2 billion, and represents an EV/EBITDA multiple of 14x. The sale covers AkzoNobel’s Decorative Paints and liquid Coatings operations in Pakistan.

Greg Poux-Guillaume, CEO of AkzoNobel, said the completion of the transaction represents another significant step in the company’s continuing strategic review of its portfolio.

“Today’s closing is another important milestone in the execution of our ongoing strategic portfolio review,” says Poux-Guillaume. “We’re grateful to our colleagues in Pakistan for the passion and commitment they’ve shown and have every confidence that the Packages Group, with its deep roots in Pakistan’s consumer and industrial markets, is ideally placed to take the business to its next stage of growth.”

The acquisition expands Packages Group’s portfolio with an established coatings and decorative paints business operating in Pakistan’s consumer and industrial markets.

Syed Hyder Ali, CEO and Managing Director of Packages Limited, welcomed AkzoNobel Pakistan to the group and described the acquisition as an important step in Packages Group’s strategy to develop and strengthen businesses with established brands, strong market positions and long-term growth prospects.

“We’re very pleased to welcome AkzoNobel Pakistan into the Packages Group. This acquisition represents an important milestone in our journey to build and strengthen high quality businesses in Pakistan with trusted brands, strong market positions and long-term growth potential,” says Ali.

He added that Packages Group’s immediate focus will be maintaining continuity across the business for employees, customers, distributors and other partners.

“We have great respect for what AkzoNobel Pakistan has built over many years and our immediate priority will be to ensure continuity for employees, customers, distributors and partners. We’re also grateful to AkzoNobel for the constructive and professional manner in which this transaction has been concluded, and we look forward to maintaining a strong relationship going forward.”

The completed transaction forms part of AkzoNobel’s broader portfolio refocusing program. The company is currently concentrating its portfolio review on its Decorative Paints businesses in South East Asia as it continues to assess the composition of its operations and strategic priorities.

The Pakistan divestment follows AkzoNobel’s sale of Akzo Nobel India Limited, which was completed in December 2025, marking another step in the company’s ongoing restructuring and portfolio optimization efforts.

About AkzoNobel

Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together.

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SOURCE: AkzoNobel