Pachin stock closes near highest acquisition bid price 

Daily News Egypt
2 Min Read

About 787,000 shares of the Paints and Chemical Industries Company (Pachin) responded positively to the mandatory tender offer (MTO) submitted by the National Paints Holding, at a value of EGP 39.8 per share.

The company’s stock closed near the highest bid price, reaching EGP 39.08 per share, by the end of Wednesday’s trading session.

National Paints aims to purchase up to 24 million shares, representing 100% of the company’s issued capital, with a minimum execution rate of 75%.

National Paints and Eagle Chemicals are competing to buy the company.

On Wednesday, the Financial Regulatory Authority specified, in a statement, that the period of validity of the National Paints’ MTO expires on 2 May 2023.

The Elite Financial Consulting Company assumes the role of the financial advisor to determine the fair value, while Al-Ahly Pharos plays the role of the financial advisor to Chemical Holding, which is affiliated with Pachin.

The company recorded a net profit of EGP 19.5m from the beginning of July until the end of December 2022, compared to losses of EGP 12.8m during the same period of the last fiscal year.

The company’s sales rose, during the first six months of this fiscal year, to reach EGP 486.39m at the end of December, compared to EGP 427.9m during the same period of the last fiscal year.

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