Pachin - photo courtesy of the company's website
CAIRO - 23 March 2023: The Financial Regulatory Authority (FRA) agreed to amend the price of the compulsory purchase offer submitted by the UAE's National Paints Factories Co. Ltd. to purchase up to 100% of the shares of the Paints and Chemical Industries Company “Pachin”.
The FRA said, in a statement Thursday, that the price of the purchase offer submitted by National Paints was raised to LE 36 per share, up from LE 34 per share.
It also decided to extend the validity period of the purchase offer to April 4 instead of April 3.
Earlier this week, the FRA agreed to publish the announcement of the compulsory purchase offer submitted by the UAE's National Paints Holdings LLC to acquire the shares of the paints and chemical industries company (Pachin).
The FRA stated, in a filing to the Egyptian Stock Exchange (EGX), that the offer was approved to acquire 24 million shares, or 100 percent of Pachin’s capital, with a minimum execution of 75 percent, at a cash price of LE 34 per share. This means that Pachin was valued at LE 816 million ($26.5 million).
The offer requires that Pachin employees not be laid off for a period of 12 months from the date of executing the purchase offer, except in accordance with the Egyptian Labor Law.
Leave a Comment