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Pachin to decide on the acquisition offer of National Paints in early January Elite is in the process of finalising the fair value report for the company's shares: Sources
Informed sources revealed to Daily News Egypt that the National Paints Company is about to complete the due diligence examination of the Paints and Chemical Industries Company (Pachin), and it is expected that a decision on the offer will be made during the first week of January. Pachin received a non-binding purchase offer from National Fingers Limited to acquire 100% of its shares at a value of EGP 29 per share. The sources added that Elite Financial Consulting is in the process of finalising the preparation of the fair value report for the company's shares, expecting it to be issued before the end of this year, coinciding with the approaching completion of the procedures related to the land by obtaining final approvals to convert its purpose from being industrial to residential. Pachin owns a 50,000 sqm piece of land in the Qubbah area, on which a factory was previously located, before it was demolished in order to convert it into a residential activity. Elite Financial Consulting is playing the role of independent financial adviser to prepare the fair value study for the company, and the Shalakany Office for Legal Consultations has been appointed to act as the legal adviser for the deal, while Al-Ahly Pharos is playing the role of financial adviser for the Chemical Holding side. Pachin had previously received two purchase offers to acquire all of its shares from Sipes International at an initial price that ranged between EGP 17.5 and 18.5, and another from Sipad Industrial Investment with a value ranging between EGP 16.5 and 18.75.
