Egypt-based Paint and Chemicals Industries (PACHIN) company will voluntarily delist its shares from the Egyptian Exchange after being acquired by UAE.
With an investment surpassing $100 million, the new factory is built over an expansive area of 94,000 square meters.
National Paints Factories previously submitted a compulsory purchase offer to the FRA to purchase up to 100 percent of the shares Pachin.
The company’s stock closed near the highest bid price, reaching EGP 39.08 per share, by the end of Wednesday’s trading session.
National Paints is competing against Eagle Chemicals which increased its offer to about EGP 39 currently.
Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP 37.00 per share, EGP 1.00 higher than the bid NPH put.
Pachin shares rose by 4.3 percent, to LE 32.32, in the middle of Sunday's trading, after the approval to publish the purchase offer announcement.
Compass Capital aims to acquire a stake of no less than 51% and up to 90% of the targeted company's capital.
Paints and Chemical Industries is an Egypt-based public shareholding company engaged in the production, marketing, and distribution of paints.
Elite is in the process of finalising the fair value report for the company’s shares: Sources.
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