Arab Finance: The board of directors of Paints and Chemical Industries (Pachin) (PACH) decided that the value of the non-binding purchase offer submitted by Saybad Industrial Investment does not comply with the real value of Pachin and its assets, according to a statement filed to the Egyptian Exchange (EGX) on July 20th. 

However, Pachin’s upcoming ordinary general meeting (OGM) will discuss the possibility of conducting due diligence. 

The company also encouraged Saybad to reconsider the offer price to be compatible with the fair value (FV) of Pachin. 

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.  
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.