Arab Finance: Dubai-based National Paints Holding (NPH) has acquired 81% stake in Paints and Chemical Industries (Pachin) in a deal worth EGP 770.45 million, according to Asharq Business.

The deal is wrapped up after back-and-forth of bids for acquiring up to 100% stake in Pachin.

NPH previously raised its mandatory purchase offer’s (MTO) price to acquire Pachin thrice; to EGP 37.75 per share from EGP 36, to EGP 36 per share from EGP 34 and to EGP 34 from the initial price of EGP 29 per share.

Al-Ahly Pharos was the financial advisor on the transaction for Pachin, while Adsero - Ragy Soliman acted as legal advisor.

Commenting on the deal, Amr El Alfy, head of research department at Prime Holding, told Asharq Business that the deal is a positive sign for the government's exit from companies in favor of the private sector, regardless of the small size of the deal's value.

Established in 1958, Pachin is a pioneer in the Egyptian industry of paints and printing inks. The company has strategic alliances with AkzoNobel, the world's leader in the paints industry, and NovaColor, a first-class Italian manufacturer of decorative products.

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