Banque Misr exits Pachin in EGP 100M deal

Updated 5/14/2023 8:04:00 AM
Banque Misr exits Pachin in EGP 100M deal

Arab Finance: Banque Misr has exited Paints and Chemical Industries (Pachin) in a deal worth EGP 100.452 million, the firm said in a statement sent to the Egyptian Exchange (EGX) on April 11th.

The bank has sold its 10.52% stake, accounting for 2.524 million shares, in Pachin at an average price of EGP 39.8 per share.

It was reported that Dubai-based National Paints Holding (NPH) acquired an 81% stake in Pachin in a deal worth EGP 770.45 million.

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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