{"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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&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\/4\/438.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577132,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/sipes-abandons-bid-for-pachin-paving-way-for-emirati-takeover\/","url_meta":{"origin":586003,"position":4},"title":"Sipes abandons bid for Pachin, paving way for Emirati takeover","author":"enterpriseam admin","date":"10 November 2022","format":false,"excerpt":"The way is clear for the UAE\u2019s National Paints to acquire Paint and Chemical Industries (Pachin) after Universal Building Materials and Chemicals (Sipes) dropped its rival bid to take over the EGX-listed company. 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