{"id":583702,"date":"2023-03-20T00:00:00","date_gmt":"2023-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/fra-approves-national-paints-holdings-bid-for-pachin\/"},"modified":"2023-03-20T00:00:00","modified_gmt":"2023-03-20T00:00:00","slug":"fra-approves-national-paints-holdings-bid-for-pachin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/fra-approves-national-paints-holdings-bid-for-pachin\/","title":{"rendered":"FRA approves National Paints Holding\u2019s bid for Pachin"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The clock is ticking for Pachin shareholders:<\/span><span style=\"\"> Shareholders of state-owned, <\/span><span>EGX-listed Paint and Chemical Industries (Pachin) now have 10 working days to respond to Dubai-based National Paints Holding\u2019s (NPH) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/08\/national-paints-holding-just-raised-its-bid-for-pachin-99033\/\" style=\"\">takeover bid<\/a><\/span><span> after the Financial Regulatory Authority (FRA) yesterday approved the <\/span><span>offer<\/span><span>, the regulator said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/NPH-bid-for-Pachin.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The 10-day mandatory tender offer (MTO) starts Tuesday, giving shareholders until 3 April to decide whether to sell their shares.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span style=\"\">NPH has offered to purchase at least 75% of Pachin\u2019s shares for EGP 34.00 a <\/span><span>share, valuing it at some EGP 816 mn. The company upped its offer earlier this month from its initial <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/06\/uaes-national-paints-wants-pachin-86192\/\" style=\"\">EGP 29.00 bid<\/a><\/span><span style=\"font-weight:400;\"> in November in response to a number of competing bids. Shareholders owning at least 75% of the company\u2019s shares will need to agree to sell for the acquisition to go through, the FRA said yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Shareholders: <\/span><span style=\"\">Pachin is majority-owned by state institutions, with Chemical Industries<\/span><span style=\"\"> Holding <\/span><span>owning 44.6% of and Banque Misr holding a 10.5% stake. Other major shareholders include AMN Industrial Investment with a 9.7% stake and El Sayed Saber with 5.5%. So<\/span><span>me 28.7% of its shares are freefloa<\/span><span>t.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re yet to hear from Pachin\u2019s other potential suitors:<\/span><span style=\"\"> Compass Capital and Eagle Cap<\/span><span style=\"\">ital <\/span><span>have also submitted bids for the company in recent months, with Compass offering to purchase <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/10\/compass-capital-cleared-to-do-due-diligence-on-pachin-plus-speed-medical-icmi-make-ma-headlines-93175\/\" style=\"\">51-90% of its shares<\/a><\/span><span> for EGP 30.00 apiece and Eagle <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/27\/the-bidding-war-for-pachin-is-heating-up-again-92279\/\" style=\"\">mounting a takeover bid<\/a><\/span><span style=\"font-weight:400;\"> for EGP 29.00 per share. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What Pachin\u2019s future would look like if NPH\u2019s acquisition goes through:<\/span><span style=\"\"> NPH is committing <\/span><span style=\"font-weight:400;\">to maintaining Pachin\u2019s existing workers for the first 12 months after the acquisition, according to the FRA statement. Pachin\u2019s shares would undergo voluntary delisting from the EGX within six months of the acquisition closing.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> If the shareholders accept the offer, the transaction will be concluded on the EGX <\/span><span style=\"font-weight:400;\">within the following five working days, according to the statement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Market reax: <\/span><span style=\"\">Pachin\u2019s shares closed up 5.<\/span><span style=\"\">0<\/span><span style=\"\">% to settle at EGP <\/span><span style=\"\">32.<\/span><span style=\"\">5<\/span><span style=\"\">0<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"\">Al Ahly Pharos is acting as broker on the transaction, Matouk Bassiouny &amp; Hennawy <\/span><span style=\"font-weight:400;\">are acting as NPH\u2019s legal counsel, while the company doesn\u2019t have a financial advisor, according to the statement. Al Ahly Pharos is advising Pachin, and Shalakany Law Office is legal counsel. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pachin shareholders have 10 days to respond<\/p>\n","protected":false},"author":1,"featured_media":583703,"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":[7321],"tags":[72,76,7196,7128,131,9179,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-industry","tag-ma-watch","tag-manufacturing","tag-national-paints-holding","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"f5e76e04-d090-4389-a2d4-43d42ae60a5d","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Paint-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s financial regulator approves a bid for paint maker Pachin from the UAE\u2019s National Paints Holding","related_issue":[583697],"teaser":"Pachin shareholders have 10 days to respond","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.8527b0ea-0811-4357-b417-86ae7df5d77a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FRA approves National Paints Holding\u2019s bid for 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\/2023\/03\/20\/fra-approves-national-paints-holdings-bid-for-pachin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA approves National Paints 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/623.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606548,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/18\/pachin-to-delist-from-egx-plus-mps-want-answers-on-blackouts-news-from-qatari-diar-capricorn-energy-and-the-sme-development-authority\/","url_meta":{"origin":583702,"position":3},"title":"Pachin to delist from EGX. 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