The company offered to buy back the shares from objecting shareholders for EGP 39.80 per share.
The board of directors of Paint and Chemical Industries (PACHIN) approved plans to voluntarily delist its shares from the Egyptian Exchange (EGX) according to an EGX disclosure.
PACHIN’s board of directors decided to initiate delisting procedures as of 14 September. The company offered to buy back the shares from objecting shareholders for EGP 39.80 per share.
UAE’s National Paints Holding’s (NPH) acquired more than 80% of the formerly state-owned company in a mandatory tender offer in May. The value of the deal at the time amounted to about 770 million pounds, after a series of competing takeover offers between National Paints and a number of other companies.
PACHIN’s deal was a part of a plan to sell shares in 35 companies owned by Egypt to strategic investors to secure foreign currency and boost the private sector’s involvement in the Egyptian economy.
The Egyptian government seeks to collect $5 billion by offering shares of some state-owned companies to strategic investors from October 2023 until the end of June 2024.
