Dutch firm interested in taking over Egypt's PACHIN
Egyptian paint manufacturer Paints and Chemicals Industries (PACHIN) has reportedly drawn the interest of a Dutch firm, who has requested to observe the company’s financials, reported Reuters. The Chemicals Industries Holding Company is looking for a buyer for the state’s 39.75-percent stake in the PACHIN.
PACHIN posted a 57 percent rise in its consolidated net profits for the first quarter of financial year 2002/2003 compared to the corresponding period in the previous FY. Net profit for the 1Q, which ended September 31, reached 34.3 million Egyptian Pounds ($7.4 million). Sales during 1Q totaled EP94.55 million.
PACHIN is a paint and printing ink manufacturer, established in 1958. The company’s main product is architectural paint. The Egyptian paint market is estimated at around $150 million, selling some 14,000 tons. PACHIN's market share is currently estimated at 40 percent. Other major players are SCIB, Sipes and Jotun. — (menareport.com)
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