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.