Cairo – Mubasher: The board of directors of Alexandria Portland Cement decided to appoint Premier Financial Advisory for Securities as an independent financial advisor to study and determine the fair value (FV) of the company’s shares.
The FV study shall be submitted to the board before the end of the mandatory tender offer (MTO) made by the major shareholder Alexandria Development Ltd, according to a bourse disclosure on Wednesday.
The MTO starts on Tuesday, 21 April, and ends on Monday, 18 May, for all shareholders willing to sell their shares at EGP 6 apiece.
Earlier in April, the Egyptian Financial Regulatory Authority (FRA) approved a request to publish the MTO submitted by Alexandria Development Ltd to acquire 100% of Alexandria Portland Cement at EGP 6 a share.
In November 2019, the FRA ordered Titan Cement to submit an MTO, following the acquisition of Alexandria Development Ltd, which in turn owns an 88.93% stake in Alexandria Portland Cement.
It is noteworthy to mention that in 2019, Alexandria Portland Cement incurred net losses of EGP 236.3 million, down from EGP 394.1 million in 2018.
