Saybad amends initial price of Pachin’s non-binding purchase offer
Updated 8/10/2022 1:43:00 PM
Arab Finance: Saybad Industrial Investment has sent a letter to Paints and Chemical Industries (Pachin) (PACH) 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, according to a statement filed to the Egyptian Exchange (EGX) on August 10th.
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.
On July 20th, the board of directors of Pachin decided that the value of the non-binding purchase offer submitted by Saybad does not comply with the real value of Pachin and its assets.
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.
