UAE’s National Paints officially acquires state-owned Pachin in a $25m deal

The UAE’s National Paints acquired on 81 percent of the Egyptian state-owned Paint and Chemicals Industries (PACHIN), purchasing a total of 19.358 million of the company’s shares in a 770 million LE deal, which accounts for almost $25 million.

National Paints Factories previously submitted a compulsory purchase offer to the FRA to purchase up to 100 percent of the shares Pachin.

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 $2 billion before the end of June. The IPO program is part of Egypt’s structural reforms to empower local and foreign private sectors and attract more investors.

Egypt’s Prime Minister also revealed, earlier this week, that the state is preparing over 10 military-owned or affiliated companies for their debuts on the stock exchange.

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 500,000 tons of paint and related products, according to the company’s website.