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PACHIN to delist shares from Egyptian Exchange after acquisition by UAE

Egypt-based Paint and Chemicals Industries (PACHIN) company will voluntarily delist its shares from the Egyptian Exchange after being acquired by UAE.
18.09.23 | Source: ahram online

The company will compensate shareholders affected or objecting to the decision by repurchasing their stakes at EGP 39.8 ($1.29) per share.

PACHIN’s board of directors decided to initiate delisting procedures as of 14 September.

In May, the Emirati company National Paints acquired 24 million shares in PACHIN, a formerly state-owned company.

The acquired stake accounts for 81.62 percent of PACHIN's total capital. The company's stock was valued at EGP 39.8 per share for the deal.

PACHIN’s deal was a part of a plan to sell shares in 35 companies owned by Egypt to strategic investors to secure foreign currency and empower the private sector.

The privatization programme is part of Egypt's commitments under its $3 billion loan programme with the International Monetary Fund (IMF).