Dubai-based National Paints raises bid to acquire Pachin over Eagle Chemicals

Ahram Online , Tuesday 11 Apr 2023

The Dubai-based National Paints Holding (NPH) has raised its offer to acquire the Paint and Chemicals Industries (Pachin) by EGP 2.05 per share to EGP 39.8, according to a statement released by the Financial Regulatory Authority (FRA) on Monday.


The new NPH offer exceeds the EGP 39 offer made by the Cairo-based Eagle Chemicals Groups in early April to acquire the company.

The offer raises the total value of an acquisition of all of Pachin’s 24 million issued capital shares to EGP 955.2 million, with a minimum execution rate of 75 percent.

This offer will be valid till 24 April, the FRA revealed.

The Egyptian government, which owns 55 percent of shares in Pachin, offered the company on the market as part of its plan to sell its stakes in 32 companies by the end of March 2024.

On Sunday, Ayman Soliman, the CEO of The Sovereign Fund of Egypt (TSFE), revealed that the government has received purchase offers for shares in the state-owned National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum Company.

Under the $3 billion loan deal signed with the IMF late last year, Egypt has committed to generate $2 to $2.5 billion in revenue to fund budget deficits by selling stakes in state-owned assets.

* $1=EGP30.95 for selling according to the Central Bank of Egypt official exchange trade.

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