Cairo – Mubasher: Paint and Chemicals Industries (Pachin) has received a non-binding mandatory tender offer (MTO) from an industrial investment company to acquire at least 51% of Pachin’s issued capital.

The industrial investment entity plans to own equity in the listed company at a preliminary price ranging between EGP 16 and EGP 16.50 per share, according to a bourse filing.

During the first quarter (Q1) of fiscal year (FY) 2021/2022, the listed company recorded consolidated net profits worth EGP 1.58 million, lower than EGP 20.06 million in the July-September FY20/21 period.

The revenues surged to EGP 213.07 million in Q1-21/22 from EGP 207.18 million in the year-ago period.