{"id":576988,"date":"2022-11-06T04:00:29","date_gmt":"2022-11-06T04:00:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/uaes-national-paints-wants-pachin\/"},"modified":"2022-11-06T04:00:29","modified_gmt":"2022-11-06T04:00:29","slug":"uaes-national-paints-wants-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/uaes-national-paints-wants-pachin\/","title":{"rendered":"UAE\u2019s National Paints wants Pachin"},"content":{"rendered":"

<\/a> UAE\u2019s National Paints makes play for Pachin<\/strong>: Dubai-based National Paints Holdings (NPH) has launched a takeover bid for Paint and Chemical Industries (Pachin<\/a>), becoming the third company this year to express interest in acquiring the state-owned firm. NPH has submitted a non-binding offer to purchase 100% of Pachin for EGP 29 per share, the Egyptian paint company said in an EGX disclosure (pdf)<\/a> Thursday. The offer values the EGX-listed company at EGP 696 mn.<\/p>\n

No final price yet<\/strong>: Pachin said NPH made the start of due diligence a condition of determining a final price. Pachin said it is currently reviewing the offer with advisor Al Ahly Pharos<\/a>.<\/p>\n

NPH\u2019s initial offer is far higher than what two existing bidders had put on the table:<\/strong> Universal Building Materials and Chemicals (Sipes) has offered<\/a> to purchase 100% of the company at EGP 17.50-18.50 per share. Before it dropped its bid<\/a>, Saybad Industrial Investment had offered to pay EGP 16.50-18.75 per share, valuing the firm at up to EGP 450 mn.<\/p>\n

NPH wants to be big in Egypt: <\/strong>NPH wants to acquire Pachin to \u201cdeepen and expand its position\u201d in Egypt, and aims to eventually become the market leader, the company wrote in its offer letter to Pachin.<\/p>\n

REMEMBER-<\/strong> The play for Pachin comes amid the government\u2019s privatization push, 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> Al Ahly Pharos is providing financial advice to Pachin while Adsero-Raji Soliman & Associates is counsel.<\/p>\n

CAPRICORN SHAREHOLDERS COULD TANK NEWMED TIE-UP-<\/strong><\/p>\n

<\/a> Major shareholders in Capricorn aren\u2019t happy about the proposed NewMed <\/strong>merger:<\/strong> Six shareholders of Capricorn Energy<\/a> have spoken out publicly against plans to sell the firm in an all-share tie-up with Israel\u2019s NewMed<\/a>, Reuters<\/a> reports. The investors are seeking to block the transaction, which they say undervalues Capricorn.<\/p>\n

Bad news for us?<\/strong> The Capricorn-NewMed merger<\/a> would hand NewMed control of Capricorn\u2019s assets in Egypt, paving the way for closer energy ties between Israel and Egypt and creating what the companies had described as a \u201cMENA gas and energy champion.\u201d That could boost Egyptian ambitions to take Russia\u2019s place as one of Europe\u2019s go-to energy suppliers, particularly after Egypt and Israel signed a landmark gas export agreement in June to ramp up exports to the EU.<\/p>\n

The shareholders control m<\/strong>ore than a third o<\/strong>f the company<\/strong>, and include the firm\u2019s second-largest shareholder, Madison Avenue Partners, which holds an 8.06% stake.<\/p>\n

What\u2019s the issue?<\/strong> The co-chief investment officer of Kite Lake Capital Management, which owns almost 7.4% of Capricorn, said the terms are \u201cunnecessarily biased\u201d towards NewMed while Madison Avenue believes the transaction undervalues the business. The head of climate solutions at Legal & General, which owns almost 4% of the company, said that \u201cwe are not convinced that this proposal is the best path forward to maximize shareholder value and minimize future environmental risks.\u201d<\/p>\n

This wouldn\u2019t be the first time: <\/strong>This is the second time Capricorn shareholders have revolted against management\u2019s sale plans, after scuppering a proposed merger<\/a> with Tullow Oil<\/a> earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

UAE\u2019s National Paints makes play for Pachin: Dubai-based National Paints Holdings (NPH) has launched a takeover bid for Paint and Chemical Industries (Pachin), becoming the third company this year to express interest in acquiring the state-owned firm. NPH has submitted a non-binding offer to purchase 100% of Pachin for EGP 29 per share, the Egyptian […]<\/p>\n","protected":false},"author":1,"featured_media":576989,"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":[598,93,72,7128,6350,7200,91,2159,2223],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-capricorn-energy","tag-energy","tag-enterpriseam","tag-ma-watch","tag-national-paints-holdings","tag-newmed","tag-oil-and-gas","tag-saybad-industrial-investment","tag-sipes","wpautop","entry"],"acf":{"mongo_id":"2bd16acf-0bc2-4e41-abb4-98ff04e3cb71","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/89.jpg","photo_position":"above","related_issue":[576980],"teaser":"","voice_url":""},"yoast_head":"\nUAE\u2019s National Paints wants Pachin - 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\/11\/06\/uaes-national-paints-wants-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s National Paints wants Pachin\" \/>\n<meta property=\"og:description\" content=\"UAE\u2019s National Paints makes play for Pachin: Dubai-based National Paints Holdings (NPH) has launched a takeover bid for Paint and Chemical Industries (Pachin), becoming the third company this year to express interest in acquiring the state-owned firm. 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"Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Pachin-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578604,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/another-bidder-joins-the-war-for-pachin\/","url_meta":{"origin":576988,"position":2},"title":"Another bidder joins the war for Pachin","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Everyone wants a piece of Pachin: Compass Capital has submitted a non-binding offer to purchase between 51-90% of Paint and Chemical Industries (Pachin) for EGP 30 a share, according to a disclosure to the EGX (pdf) from the Financial Regulatory Authority yesterday. 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