Arab Finance: Paints and Chemical Industries (Pachin) (PACH) has received a non-binding purchase offer from SIPES International for 100% of Pachin’s issued capital at an initial price ranging between EGP 17.5 and EGP 18.5 per share, according to a disclosure on August 7^th.

SIPES Shall begin the due diligence process on Pachin’s stock to determine the final purchase price.

Earlier on August 7^th, Pachin denied receiving a non-binding purchase offer from SIPES International via an emailed letter last week.

Pachin is an Egypt-based public shareholding company that operates in the production, marketing, and distribution of paints, varnishes, industrial chemicals, printing inks, animal extracts, and other related products.