Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) announced receiving a letter from Eagle Chemicals Company showing interest to acquire Paint and Chemicals Industries (Pachin).
Eagle Chemicals offered to buy Pachin at an initial price of EGP 29.50 per share, according to an official statement on Monday.
The FRA said that Eagle Chemicals will start conducting due diligence on the target company.
It is worth noting that in fiscal year (FY) ended in June 2022, Pachin incurred EGP 408,250 worth of losses, against profits of EGP 52.75 million in the previous FY.
During the July 2021-June 2022 period, Pachin's sales grew to EGP 860.24 million, compared to EGP 850.09 million a year earlier.
