Arab Finance: The board of directors of Paints and Chemical Industries (Pachin) (PACH) is set to consider the received non-binding offer from Saybad Industrial Investment to acquire up to 90% of Pachin’s share capital or at least a stake of 51%, according to a statement filed to the Egyptian Exchange (EGX) on July 20th. 

On July 7th, the Financial Regulatory Authority (FRA) announced it has received a letter of intent from Saybad regarding a non-binding purchase offer (NBO) for a stake ranging between 51% and 90% at an indicative price of EGP 16 to EGP 16.5 per share. 

Moreover, the FRA noted that Saybad seeks to start the due diligence process on Pachin’s stake to determine the final purchase price. 

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.