Cairo – Mubasher: Paint and Chemicals Industries (Pachin) has made a statement in line with the news reporting a potential increase in the offer price for acquiring Pachin's shares by National Paints to more than EGP 32 per share from EGP 29.

EGX-listed Pachin said it has not received any letters regarding the matter so far, stressing that it will disclose any material developments as per the listing and disclosure rules, according to a bourse statement on Sunday.

During fiscal year (FY) ended in June 2022, Pachin incurred EGP 408,250 worth of losses, against profits of EGP 52.75 million in the previous FY.

During the July 2021-June 2022 period, Pachin's sales grew to EGP 860.24 million, compared to EGP 850.09 million a year earlier.