Banque Misr announced the successful divestment of its entire shareholding in "Pachin," a company engaged in paints and chemical industries. This transaction was completed through the acquisition offer made by National Paints Holding Company Ltd., with a total value of EGP 955.2 million.

Established as an Egyptian company in 1958, Pachin specializes in the production of paints, coatings, and chemicals. It operates three factories in Egypt and Libya, with a combined production capacity of approximately 94,000 tons. Pachin's products are exported to over 16 countries in Africa and the Middle East, serving various sectors, including construction, industry, automotive, and decoration.

Mr. Mohamed El-Etreby, Chairman of Banque Misr, emphasized that the sale of Pachin aligns with the Egyptian government's strategy to attract foreign investment and promote the role of the private sector. This strategy aims to stimulate the growth of companies by increasing their capital and involving them in projects that contribute to sustainable development, in accordance with Banque Misr's objectives, while generating substantial returns that benefit the Egyptian economy.

Mr. Akef El-Maghraby, Vice Chairman of Banque Misr, highlighted that Pachin's acquisition by the UAE-based National Paints Company represents a positive and promising step within the government's plan to either partially or wholly divest from 32 companies in various economic sectors. This divestiture may involve selling to strategic investors, as is the case with Pachin, or through initial public offerings (IPOs) on the Egyptian Stock Exchange. The intense competition among local and international companies to acquire Pachin underscores the attractiveness of investment opportunities within the Egyptian economy.