The Financial Regulatory Authority (FRA) has received a letter of intent from Compass Capital to submit a non-binding purchase offer on the shares of Pachin. In a statement to the Egyptian Exchange, the FRA stated that Compass Capital aims to acquire a stake of no less than 51% and up to 90% of the targeted company’s capital in order to maintain its listing on the Egyptian Exchange. It added that the bidder set the initial price of the share at EGP 30, provided that the final price is determined based on the results of the due diligence examination of the target company. Eagle Chemicals set the initial price for the acquisition of Pachin shares at EGP 29.5 per share. Last November, the Emirati National Paints Holding Company submitted an offer to acquire Pachin at a price of EGP 29 per share.

Source: Daily News Egypt January 05, 2023 20:48 UTC