Cairo – Mubasher: Paint and Chemicals Industries (Pachin) has made a statement in line with the news reporting that Saybad Industrial Investment has withdrawn from competition to acquire Pachin.
EGX-listed Pachin said it received no letters regarding the matter, stressing that it will disclose any material developments as per the listing and disclosure rules, according to a bourse statement on Monday.
In July 2022, Pachin received an offer from an industrial investment firm to acquire 51% or more of its issued capital at a preliminary price ranging from EGP 16 to EGP 16.50 per share.
A month later, Pachin received a non-binding letter of intent from Universal Building Materials and Chemicals Company (Sipes) to fully acquire the listed firm.
Sipes intends to acquire at least 60% of the listed company’s issued capital at an initial price ranging between EGP 17.50 and EGP 18.50 per share.
In the July-September period of fiscal year (FY) 2021/2022, Pachin’s consolidated net profits amounted to EGP 1.58 million, compared to EGP 20.06 million during the same period a year earlier.
