The UAE’s National Paints acquired on Tuesday 81% of Egypt’s state-owned Paint and Chemicals Industries (Pachin), purchasing a total of 19.358 million of the company’s shares in a deal worth EGP 770.4m (about $25m). Among the sellers were the Chemical Holding Company, which is the main shareholder, Banque Misr and a number of other shareholders. Sources connected to the deal told “daily news” that the Emirati company is considering keeping Pachin listed on the Egyptian Stock Exchange during the coming period. Eagle Chemicals and National Dyes competed for the company, and after several bids, the Emirati company offered the highest price, amounting to 39.8 pounds per share. The National Investment Bank, Pharos, will assume the role of the financial advisor to the “Pachin” company in the deal, and the Shalakany Office for Legal Consultations and Lawyers will act as the company’s legal advisor.
