The Financial Regulatory Authority (FRA) has received a letter from Eagle Chemicals, a company specialized in the manufacturing and trade of chemicals, expressing its desire to submit a non-binding purchase offer on the shares of Pachin. The offer included the acquisition of 100% of Pachin shares at an initial price of EGP 29.5 per share, and Eagle Chemicals will start the procedures for due diligence technical examination, and it will exceed the offer of National Paints at a price of EGP 0.50 per share. Last November, the Emirati National Paints Holding Company submitted an offer to acquire Pachin at a price of EGP 29 per share, and it was preceded by two other offers from SAIPAD for Industrial Investment, and international building materials and chemicals company Sipes. The National Paints Company is about to complete the due diligence examination of Pachin, and it is expected that a decision on its acquisition of the company will be made during the first week of next January, according to sources who spoke to Daily News Egypt. The sources added that Elite Financial Consulting is working on preparing a fair value report for the company's shares, and expected it to be issued before the end of this year, coinciding with the approaching completion of procedures related to the company's land area in Hadayek Al-Qobba by obtaining final approvals to convert its purpose to become residential instead of a industrial. Pachin owns a 50,000-square-meter piece of land in Hadayek Al-Qobba area, on which a former factory was located before it was demolished in order to convert it into a residential activity. Elite Financial Consulting plays the role of independent financial advisor to prepare the fair value study for the company, and the Shalakany Office for Legal Consultations has been appointed to act as the legal advisor for the deal, while Al-Ahly Pharos plays the role of financial advisor for the deal for the Chemical Holding side.
