{"id":586003,"date":"2023-05-03T00:00:00","date_gmt":"2023-05-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/pachin-has-new-emirati-owners\/"},"modified":"2023-05-03T00:00:00","modified_gmt":"2023-05-03T00:00:00","slug":"pachin-has-new-emirati-owners","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/03\/pachin-has-new-emirati-owners\/","title":{"rendered":"Pachin has new Emirati owners"},"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\">That\u2019s a wrap on the play for Pachin: <\/span><span style=\"\">Dubai-based National Paints Holding <\/span><span>(NPH) has acquired over 80% of EGX-listed Paint and Chemical Industries (Pachin) for around <\/span><span style=\"\">EGP 770.5<\/span><span style=\"\"> mn in its mandatory tender offer that wrapped yesterday, Pachin said in an EGX <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/119.jpg\" style=\"\">filing (pdf)<\/a><\/span><span style=\"\">. Shareholders sold 19.36 mn shares to the Emirati company, which had offered to purchase up to 100% of the firm at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79e85a7d-b197-43f6-9148-05543ccf0442\" style=\"\">EGP 39.80 apiece<\/a><\/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\">Who sold? <\/span><span style=\"\">Government agencies offloaded their entire stakes in the company, a source with <\/span><span style=\"\">knowledge of the matter told Enterprise. State-owned Chemical Industries Holding (CIHC, 44.63%), Banque Misr (10.52%), and Misr Ins. (1.25%) sold down their full stakes, together representing <\/span><span style=\"\">56.40% of the company\u2019s share capital.<\/span><span style=\"\"> All three were long-term shareholders; no figures are available on the composition of other sellers.  <\/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\">The end of heated bidding war:<\/span><span style=\"\"> The end of the MTO concludes what was a protracted bidding <\/span><span style=\"\">process between NPH and Eagle Chemicals. The back-and-forth of bids and counter-bids saw Pachin\u2019s value more than double to EGP 955.2 mn. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\" style=\"\">first offer<\/a><\/span><span style=\"font-weight:400;\">, lodged by Saybad Industrial Investment last July, valued the company at EGP 384-396 mn<\/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=\"\">Pachn\u2019s shares fell 1.4% to <\/span><span style=\"\">EGP 38.5<\/span><span style=\"font-weight:400;\">0 at yesterday\u2019s close. <\/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\">Part of a bigger plan: <\/span><span style=\"\">Pachin welcoming new owners comes as part of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">government\u2019s privatization plan<\/a><\/span><span style=\"font-weight:400;\">, which should see it reduce its involvement in or exit certain industries to make way for the private sector. <\/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=\"font-weight:400;\">Al Ahly Pharos was financial advisor to Pachin, while Shalakany Law Office was counsel. Matouk Bassiouny &amp; Hennawy acted as NPH\u2019s legal counsel. Al Ahly Pharos also brokered the transaction.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><i style=\"background-color: transparent;\"><font size=\"3\">This story was corrected on 3 May, 2023 to reflect that Al Ahly Pharos, not HC Securities, brokered the transaction.&nbsp;<\/font><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pachin shareholders owning 19 mn shares have agreed to sell at EGP 39.8 per share<\/p>\n","protected":false},"author":1,"featured_media":586004,"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":[72,7128,6816,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-ma-watch","tag-pachin","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"ed56889d-d8c0-4a89-9303-43c67d4e8f53","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/133.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s National Paints Holding has acquired 81% of Egyptian paintmaker Pachin for EGP 770.5 mn","related_issue":[585999],"teaser":"Pachin shareholders owning 19 mn shares have agreed to sell at EGP 39.8 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.7e7fa130-dbb1-414f-b58d-abe7d79f5c85.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>Pachin has new Emirati owners - 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\/05\/03\/pachin-has-new-emirati-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pachin has new Emirati owners\" \/>\n<meta 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