Arab Finance: Paints and Chemical Industries (Pachin) (PACH) announced that it has not yet received any communication from Saybad Industrial Investment regarding withdrawing the latter’s non-binding purchase offer (NBO), according to a statement to the Egyptian Exchange (EGX) on Monday.
On July 7th, the Financial Regulatory Authority (FRA) announced it has received a letter of intent from Saybad regarding an NBO for a stake ranging between 51% and 90%.
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.