Egypt’s Financial Regulatory Authority (FRA) received a letter from Compass Capital for Financial Investment showing interest to purchase a majority stake in Paint and Chemicals Industries (Pachin).

Compass offered to acquire 51%-90% of Pachin’s capital at an initial price of EGP 30 per share, according to an official statement on Wednesday.

Moreover, it noted that the final price will be determined as per the due diligence results.

In December 2022, the FRA announced receiving a letter from Eagle Chemicals Company showing interest to take over Pachin at an initial price of EGP 29.50 per share.

The FRA added that Eagle Chemicals will start conducting due diligence on the target company.

It is worth noting that in 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.

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