Chemical Industries Holding could sell Pachin’s stake for higher bid
Updated 8/21/2022 10:49:00 AM
Arab Finance: The Holding Company for Chemical Industries (HCCI) has no reservations about selling its stake in Paints and Chemical Industries (Pachin) (PACH) on the condition of receiving a suitable offer to the company’s fair value (FV), Asharq Business reported on August 21st, citing CEO and Managing Director of HCCI Emad El-Din Mostafa.
The recent offers do not match the value of the company, Mostafa stated.
It is worth highlighting that HCCI holds 44.6% of the shares of Pachin.
On August 7th, Pachin received a non-binding purchase offer from SIPES International for 100% of its issued capital at an initial price ranging between EGP 17.5 and EGP 18.5 per share.
Saybad Industrial Investment sent a letter to Pachin on the same day regarding the amendment of the initial price of the submitted non-binding purchase offer to range between EGP 16.50 and EGP 18.75 per share.
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.
