The Financial Regulatory Authority (FRA) announced that it had received a letter of intent (LoI) from Compass Capital for Financial Investment regarding a non-binding offer for the acquisition of up to 90% of Paints and Chemical Industries (Pachin) (PACH), according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Compass offering the acquisition of a stake ranging between 51% and 90% in Pachin for an indicative price of EGP 30 per share.

The final price will be set based on the due diligence on the targeted company, FRA said.

On December 26th, the FRA received an LoI from Eagle Chemicals regarding a non-binding offer to fully acquire Pachin at an indicative price of EGP 29.5 per share.

Paints is an Egypt-based public shareholding company that operates in the production, marketing, and distribution of paints, varnishes, industrial chemicals, printing inks, animal extracts, and other products.


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