Cairo – Mubasher: Paint and Chemicals Industries (Pachin) has received a non-binding letter of intent from Universal Building Materials and Chemicals Company (Sipes) on 7 August to fully acquire the listed firm.

Sipes intends to acquire at least 60% of the listed company’s issued capital at an initial price ranging between EGP 17.50 and EGP 18.50 per share, according to a recent bourse filing.

It is worth noting that Pachin earlier denied receiving any acquisition offers from Sipes, refuting reports about the transaction. 

Last month, Pachin received an offer from an industrial investment firm to acquire 51% or more of its issued capital at a preliminary price ranging from EGP 16 to EGP 16.50 per share.

In the July-September period of fiscal year (FY) 2021/2022, Pachin’s consolidated net profits amounted to EGP 1.58 million, compared to EGP 20.06 million during the same period a year earlier.