CIC Holdings PLC has formally disclosed to the Colombo Stock Exchange (CSE) that its associate company, Akzo Nobel Paints Lanka (Private) Limited (ANPL), is excluded from AkzoNobel N.V.’s proposed $1.35 billion regional divestment to Nippon Paint Holdings Co., Ltd.

In an official regulatory filing dated October 9, 2026, submitted on behalf of CIC Holdings PLC by P W Corporate Secretarial (Pvt) Ltd, the company referenced a direct communication received by the Chairman of CIC Holdings PLC on October 8, 2026. The communication from AkzoNobel N.V. confirmed that its majority shareholding in ANPL remains entirely outside the scope of the regional transaction.

Akzo Nobel N.V. holds 50.63% of the issued voting shares in ANPL through Imperial Chemical Industries Limited.

The disclosure comes following announcements that Dutch coatings manufacturer AkzoNobel entered into binding agreements to sell its decorative paints operations across Southeast Asia and select Oceania markets to Nippon Paint for approximately $1.35 billion (€1.20 billion). The regional deal encompasses operations across seven countries: Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia.

The $1.35 billion transaction values AkzoNobel's divested Southeast Asian decorative paints business at roughly 21 times its fiscal 2025 EBITDA, with expected net cash proceeds of approximately $1 billion (€0.9 billion) after accounting for taxes and minority partner distributions. Subject to customary regulatory approvals, completion of the multi-country transaction is targeted between late 2026 and mid-2027.

Despite the large-scale Asian portfolio restructuring by AkzoNobel, the formal confirmation ensures that Akzo Nobel Paints Lanka (Private) Limited will retain its existing shareholding structure, with AkzoNobel N.V. maintaining its majority stake.