Al Ahly Pharos succeeds in the first acquisition within offering program, at a value of $ 24.9 mn

Al Ahly Pharos Company - one of NBE's companies - succeeded in completing the first acquisition within Egypt's IPO Program, and the value of about $24.9 mn.

The company acted as the exclusive financial advisor to Holding Company for Chemical Industries, the main shareholder with 44.63% of the capital of  the industry of paints and coatings, Pachin company,  in the sale of Pachin's shares to one of the largest strategic investors in the paint industry, which is  National Dyes Industries - United Arab Emirates.

Pachin deal is the first deal within the offering program announced by the Egyptian government, which included 32 state-owned companies.

This deal reinforces the Egyptian government's plan to enhance the role of the private sector in the Egyptian economy and attract foreign direct investment.

Compulsory purchase order period submitted by National Paints to acquire 100% and a minimum of 75% of the shares of Pachin Company ended on Tuesday, May 2, 2023.

And it resulted in accepting the offer submitted by Emirati company, from  holders of 19,358,213 shares, representing 80.7% of the company’s total shares reaching 24 million shares, and purchase process was completed on May 10, 2023.

Ahmed Salem, Group CEO & Managing Director · Al Ahly Financial Services ( AFS ), stated that Al-Ahly Pharos Company played its role as a financial advisor to Holding Company For Chemical Industries after a wide-ranging promotional campaign that included many investors inside and outside Egypt, during which a number of investors competed and ended with offering the highest price, which reached EGP 39.8  from National Paints Company.

The role of the legal advisor was played by Shalakany Law Office , which is one of the leading offices in the field of public acquisitions and capital markets and the exclusive Egyptian member of the global Lex Mundi.

It is worth noting that Al Ahly Pharos is one of the subsidiaries of Al Ahly Financial Investments Management Company, which represents the integrated investment bank of NBE and one of the pioneers in the field of financial investments and mergers and acquisitions in the Egyptian money and capital market.

Pachin is one of the oldest Egyptian companies with more than 60 years of experience in the field of paints. The company's activity extends to manufacturing all types of construction and industrial paints, wood coatings, printing inks and resins.