The sale of a Pakistani paints and coatings business has been completed in a transaction valued at approximately €50 million.
Ownership of Akzo Nobel Pakistan Limited transferred to IGI Investments, part of Pakistan’s Packages Group, on Sept. 30. The deal covers AkzoNobel’s decorative paints and liquid coatings operations in Pakistan.
The enterprise value is equivalent to 16.2 billion Pakistani rupees, or 14 times earnings before interest, taxes, depreciation and amortization.
“Today’s closing is another important milestone in the execution of our ongoing strategic portfolio review,” said Greg Poux-Guillaume, AkzoNobel’s CEO.
Syed Hyder Ali, CEO and managing director of Packages Limited, said his immediate priority would be maintaining continuity for employees, customers, distributors and partners. He also said he expected to maintain a relationship with AkzoNobel following the acquisition.
Under the terms outlined when the agreement was announced, future coatings activities under Packages Group ownership will be subject to royalties. The Pakistani operation is primarily a decorative paints business.
The transaction is part of a broader review of AkzoNobel’s business portfolio, currently focused on decorative paints operations in Southeast Asia. The sale of Akzo Nobel India Limited to JSW Group was completed in December 2025.
