A factory owned by PACHIN manufacturing paints with the company logo and name on a billboard on top of it. Courtesy of PACHIN website.
The company will compensate shareholders affected or objecting to the decision by repurchasing their stakes at EGP 39.8 ($1.29) per share.
PACHIN’s board of directors decided to initiate delisting procedures as of 14 September.
In May, the Emirati company National Paints acquired 24 million shares in PACHIN, a formerly state-owned company.
The acquired stake accounts for 81.62 percent of PACHIN's total capital. The company's stock was valued at EGP 39.8 per share for the deal.
PACHIN’s deal was a part of a plan to sell shares in 35 companies owned by Egypt to strategic investors to secure foreign currency and empower the private sector.
The privatization programme is part of Egypt's commitments under its $3 billion loan programme with the International Monetary Fund (IMF).