{"id":548778,"date":"2022-08-22T04:00:03","date_gmt":"2022-08-22T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers\/"},"modified":"2022-08-22T04:00:03","modified_gmt":"2022-08-22T04:00:03","slug":"as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers\/","title":{"rendered":"As a bidding war heats up, Pachin\u2019s biggest shareholder is doing its own FV and seeking investment bankers"},"content":{"rendered":"

<\/a> Pachin\u2019s biggest shareholder to hire advisors for fair value study:<\/strong> Chemical Industries Holding Company (CIHC) will appoint an independent financial advisor to value Paint and Chemical Industries\u2019 (Pachin) amid a bidding war for the EGX-listed paint company, CIHC Chairman Emad El Din Mostafa told Enterprise. CIHC \u2014 Pachin\u2019s largest shareholder \u2014 has chosen to do its own fair value study because the offers received by Saybad Industrial Investment and Universal Building Materials and Chemicals (Sipes) have not been acceptable and \u201cdo not reflect the fair value\u201d of Pachin, Mostafa said.<\/p>\n

Who\u2019s offering what:<\/strong> Saybad\u2019s latest bid<\/a> offered to pay EGP 16.50-18.75 per share for 100% of the company, valuing it as much as EGP 450 mn. This was a revised offer in response to a rival bid<\/a> from Sipes which said it would purchase all of the company\u2019s shares at EGP 17.50-18.50.<\/p>\n

Expect <\/strong>advisors <\/strong>to be named by week\u2019s end:<\/strong> CIHC has received offers from potential advisors and expects to make a choice by the end of the week, Mostafa told us. The company is also looking to bring on board investment bankers to advise it, though Mostafa did not specify a deadline for their appointment.<\/p>\n

CIHC could offload its entire stake \u2014 for the right price:<\/strong> CIHC currently holds<\/a> 44.6% of Pachin, while Banque Misr holds another c.11% of the company. Together, these two shareholders can offload their positions and give the acquiring company a majority position in Pachin, Mostafa said. \u201cThe bidders are looking to get a controlling stake. We [CIHC and Banque Misr] are willing to give that controlling stake if we get an offer that matches the company\u2019s fair value,\u201d he said.<\/p>\n

Market reaction was muted:<\/strong> Pachin\u2019s shares inched up 0.1% in trading yesterday to close at EGP 18.00 per share, after hitting an intraday high of EGP 18.17.<\/p>\n

REMEMBER- The play on Pachin comes amid the government\u2019s privatization push<\/strong>, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.<\/p>\n

ADVISORS-<\/strong> Catalyst Partners is acting as Pachin's financial advisor. Adsero\u2013Raji Soliman & Associates is the firm\u2019s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pachin\u2019s biggest shareholder to hire advisors for fair value study: Chemical Industries Holding Company (CIHC) will appoint an independent financial advisor to value Paint and Chemical Industries\u2019 (Pachin) amid a bidding war for the EGX-listed paint company, CIHC Chairman Emad El Din Mostafa told Enterprise. CIHC \u2014 Pachin\u2019s largest shareholder \u2014 has chosen to do […]<\/p>\n","protected":false},"author":1,"featured_media":548779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[2219,72,7128,9129,2223],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-chemical-industries-holding-company","tag-enterpriseam","tag-ma-watch","tag-saybad","tag-sipes","wpautop","entry"],"acf":{"mongo_id":"a44be27f-03a3-4465-bb9b-c25e993ceaaf","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/345.jpg","photo_position":"above","related_issue":[548768],"teaser":"","voice_url":""},"yoast_head":"\nAs a bidding war heats up, Pachin\u2019s biggest shareholder is doing its own FV and seeking investment bankers - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/as-a-bidding-war-heats-up-pachins-biggest-shareholder-is-doing-its-own-fv-and-seeking-investment-bankers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As a bidding war heats up, Pachin\u2019s biggest shareholder is doing its own FV and seeking investment bankers\" \/>\n<meta property=\"og:description\" content=\"Pachin\u2019s biggest shareholder to hire advisors for fair value study: Chemical Industries Holding Company (CIHC) will appoint an independent financial advisor to value Paint and Chemical Industries\u2019 (Pachin) amid a bidding war for the EGX-listed paint company, CIHC Chairman Emad El Din Mostafa told Enterprise. 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Pachin appointed the firm to \u201cdifferentiate between bids submitted and negotiate the highest possible value for the share price,\u201d it\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548412,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/bidding-war-for-pachin\/","url_meta":{"origin":548778,"position":1},"title":"Bidding war for Pachin?","author":"enterpriseam admin","date":"8 August 2022","format":false,"excerpt":"Pachin has another potential suitor: EGX-listed Paint and Chemical Industries (Pachin) has received a non-binding offer from Universal Building Materials and Chemicals (Sipes) to acquire up 100% of its shares, it said ina disclosure (pdf) to the EGX yesterday.The offer: Sipes has offered to purchase at least 60% of the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548526,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-bidding-war-for-pachin-is-heating-up\/","url_meta":{"origin":548778,"position":2},"title":"The bidding war for Pachin is heating up","author":"enterpriseam admin","date":"11 August 2022","format":false,"excerpt":"Saybad ups its offer for Pachin: Saybad Industrial Investment has increased its offer for Paint and Chemical Industries (Pachin) to EGP 16.50-18.75 per share, it said in an EGX disclosure (pdf). The new offer would value the EGX-listed company at up to EGP 450 mn, according to our calculations. The\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586003,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/pachin-has-new-emirati-owners\/","url_meta":{"origin":548778,"position":3},"title":"Pachin has new Emirati owners","author":"enterpriseam admin","date":"3 May 2023","format":false,"excerpt":"Pachin shareholders owning 19 mn shares have agreed to sell at EGP 39.8 per share","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550227,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/19\/the-bidding-war-for-pachin-is-cooling-off-eep-will-get-56-of-selah-el-telmeez\/","url_meta":{"origin":548778,"position":4},"title":"The bidding war for Pachin is cooling off + EEP will get 56% of Selah El Telmeez","author":"enterpriseam admin","date":"19 October 2022","format":false,"excerpt":"This morning brings updates on two M&A stories we\u2019ve been tracking: Saybad\u2019s bid for Pachin, which looks to be dead in the water following delays; and Egypt Education Platform and the Sovereign Fund of Egypt\u2019s play for what we now know is a 56% stake in Selah El Telmeez. Saybad\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578391,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again\/","url_meta":{"origin":548778,"position":5},"title":"The bidding war for Pachin is heating up again","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"Yet another bidder vying for Pachin: Eagle Chemicals wants to acquire 100% of Paint and Chemical Industries (Pachin) for EGP 29.5 a share, the highest offer Pachin has received yet, according to an EGX disclosure (pdf) filed by the Financial Regulatory Authority yesterday. The bid is a 1.7% premium to\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/546.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548778"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548778\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548779"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548778"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548778"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}