Being a former employee of AkzoNobel (formerly ICI) , let me assure you this has nothing to do with Pakistani government or economy.
AkzoNobel is facing set back globally.Their competitors like Nippon,PPG and Sherwin Williams are growing rapidly in both volumes and profit.
While AkzoNobel is almost stagnant in volume growth however they have some growth in profits by organizational restructure i.e downsizing.
Their initial plan was to terminate almost 2000 FTEs.
Now AkzoNobel is concluding its business from across the South Asia
They are already out of India ( sold out to JSW - only retained their Research Centre and Powder Coating Business)
In Pakistan, our Deco business had failed to grow due to tough competition from Local players and Nippon.
However in coatings, we were only second to Nippon
Now ,Packages Group ( IGI Holdings) is interested to acquire 100% shares of AkzoNobel Pakistan.