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UAE-based National Paints Holding Limited has acquired the remaining shares of Egypt’s Paint and Chemicals Industries (Pachin) at an amount of EGP9.21M.
National Paints purchased 231,554 shares in the EGX-listed company at a nominal value of EGP39.80 per share, according to a bourse disclosure.
Last May , the UAE-based firm bought 19.35 million shares in Pachin in exchange for EGP770.45M (approx US$25M). This amounted to 81% of the Egyptian state-owned company.
Pachin is one of the 32 state-owned and military-owned companies listed through the Egyptian government’s IPO program that is expected to attract US$2bn. The IPO programme is part of Egypt’s structural reforms to empower local and foreign private sectors and attract more investors.
The National Paints Company was established in Jordan in 1969, then transferred its business to the Emirate of Sharjah in the UAE in 1977, where it has one of the largest paint factories in the Middle East with an annual production of approximately 500,000t of paint and related products.