“National Paints Holding Company acquires 81% shares of Paints and Chemical Industries Company – Pachin”

I wrote – Sherine Salah:

The Paints and Chemical Industries Company – Pachin announced that the National Paints Holding Company Ltd. has officially completed the acquisition of about 81% of Pachin’s shares, according to a statement from Pachin sent to the stock exchange today, Wednesday.

The stock exchange stated, in the statement, that the compulsory purchase offer submitted by the National Paints Holding Company on Pachin shares was implemented, for 19.4 million shares, at a price of 39.80 pounds per share, with a total value of 770.5 million pounds.

Over recent months, the UAE Dyes Company and Eagle Chemicals competed to acquire Pachin shares, after the government announced the name of the company within the government offering program that included 32 companies and banks last February.

After a round of auctions on the share price, the price of the final offer submitted by the Dyes Company reached 39.80 pounds, which is higher than the competing purchase offer submitted by Eagle Chemicals for the manufacture and trade of Egyptian chemicals.

The Paints and Chemical Industries Company “Pachin” is one of the largest lacquer production companies in Egypt, Africa and the Middle East. It includes (construction paints – industrial paints – printing inks – alkyd resin).

According to a statement from Al-Ahly Pharos Company, the deal is the first deal of the government offering program, which includes 32 companies offered to investors and offered on the stock exchange.