UAE’s National Paints Holding acquires 81% of Egypt’s Pachin
Dubai-based National Paints Holding (NPH) has acquired over 80 percent of Egyptian state-owned Paint and Chemical Industries (Pachin) for around 770.5 million Egyptian pounds ($25 million).
Shareholders sold 19.36 million shares to the Emirati company, which had offered to purchase up to 100 percent of the firm at 39.80 pounds apiece.
State-owned Chemical Industries Holding (CIHC) of 44.63 percent stake, Banque Misr of 10.52 percent stake, and Misr Insurance of 1.25 percent stake have sold down their full shares, together representing 56.40 percent of the Pachin’s share capital.
Al Ahly Pharos was financial advisor to Pachin, while Shalakany Law Office acted as the counsel. Matouk Bassiouny & Hennawy acted as NPH’s legal counsel. Al Ahly Pharos also brokered the acquisition transaction.