National Paints Holding shakes up Pachin board following takeover

Pachin’s new owners shake up its board: National Paints Holding (NPH) has shak en up the leadership of Pachin, less than a week after it completed its takeover of the EGX-listed paintmaker, according to an EGX disclosure (pdf). The Dubai-based firm has appointed Ibrahim Faeq El Sayegh as non-executive chairman in place of Mohamed El Saeed while Samer Salim El Sayegh will assume the role of executive vice chairman. Ibrahim and Samer are descendants of Faiq Ibrahim Sayegh, who founded NPH’s parent company Sayegh Group. The board reshuffle will also see Mohie El Din El Shouny taking over from Amr Abdallah as Pachin’s managing director.

Remember: NPH recently acquired 100% of the formerly state-owned Pachin, purchasing 80% of its shares in a mandatory tender offer in May and the remaining 20% last month.