AkzoNobel Nears Pakistan Exit Deal With Packages

AkzoNobel is nearing a deal to sell its Pakistan business to Packages Group. Final negotiations are underway after earlier valuation disagreements.

AkzoNobel is close to finalising the sale of its Pakistan operations to Packages Group after months of negotiations, with both sides reportedly in the final stages of agreement.

Sources indicate representatives from both companies are holding concluding discussions abroad, working to settle remaining details. The development follows earlier uncertainty when talks nearly collapsed after a revised valuation created a significant gap between expectations.

Market activity has drawn attention alongside the negotiations. Shares of IGI Holdings, linked to the buyer, have recently surged, prompting speculation that investors anticipate a favourable outcome. However, no official disclosure has been made regarding the transaction.

AkzoNobel entered Pakistan through its acquisition of ICI and has since faced operational challenges, including declining margins and increased competition within the paints sector.

Despite these difficulties, the potential acquisition remains strategically relevant due to established brand recognition and valuable real estate assets. Industry observers note that the buyer may view the deal as an opportunity extending beyond core business operations.