Paints and Chemical Industries Company (Pachin) decided to appoint the investment bank Al Ahly Pharos to negotiate and compare the possible acquisition offers submitted to reach the highest possible value of its share.
Pachin received a takeover offer from Saybad Industrial Investment on 8 July, with a value ranging between EGP 16 – 16.5 per share, and another purchase offer from Sipes on 7 August. Later, Saybad Industrial Investment presented a modified bid on 9 August, with a value between EGP 16.5 – 18.75 per share. The company is currently looking into the two offers.
Sources told Daily News Egypt that the company has set a time frame of up to two months to decide on the bids, and to complete the exit process, pointing out that it will conduct a study to determine the fair value of the share.
The sources added that another company is set to join the marathon of Pachin acquisition.
Pachin’s capital amounts to about EGP 240m divided into 24 million shares, with a nominal value of EGP 10 per share.
Pachin’s sales rose to EGP 663.29m in March 2022, compared to EGP 639.34m in March 2021.
