Pachin starts the delisting procedures of its shares from EGX

CAIRO - 18 Septemer 2023: Paint and Chemical Industries (PACHIN) has received approval from its board of directors to voluntarily remove its shares from the Egyptian Exchange (EGX), as stated in an EGX disclosure. The delisting procedures were initiated by PACHIN's board of directors on September 14.

The company has offered to repurchase shares from shareholders who object to this move at a price of LE 39.80 per share.

In May, UAE's National Paints Holding (NPH) acquired over 80 percent of PACHIN, which was previously a state-owned company, through a mandatory tender offer. The deal was valued at approximately 770 million pounds at that time, following a series of competitive takeover offers involving National Paints and other companies.

PACHIN's acquisition is part of a larger plan to sell shares in 35 state-owned companies owned by Egypt to strategic investors. This initiative aims to generate foreign currency and enhance the involvement of the private sector in the Egyptian economy.

To achieve its goal, the Egyptian government plans to raise $5 billion by offering shares of selected state-owned companies to strategic investors between October 2023 and the end of June 2024.