Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the mandatory tender offer (MTO) submitted by Cairo Three A for International Industries to acquire the Egyptian Starch and Glucose.
The MTO includes the purchase of up to 50.077 million shares, representing 100% of the Egyptian Starch and Glucose’s shares, at a price of EGP 8.61 apiece, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.
The MTO will begin on Sunday and end at the end of the trading session on Thursday, 7 May.
It is noteworthy to mention that Americana Group, the Egyptian Company for International Touristic Projects, Cairo Poultry approved Cairo Three A’s offer to sell their stakes amounting to 20.53 million shares, 11.63 million shares, 13.65 million shares, respectively, in the Egyptian Starch and Glucose at EGP 8.54 a share.
During 2019, the Egyptian Starch and Glucose suffered net losses of EGP 17 million, down from EGP 74.3 million in 2018, while its sales rose to EGP 967.8 million from EGP 909.2 million.
