Cairo – Mubasher: Americana Group has raised the purchase price for the minority interest in the Egyptian Company for International Touristic Projects (Americana Egypt), in response to the Financial Regulatory Authority’s (FRA) decision.
Americana Group will offer a purchase offer up to EGP 6.32 per share as requested by the FRA, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Americana Egypt’s fair value (FV) was estimated at an average of EGP 5 per share and a maximum of EGP 5.30, based on a study prepared by Ernst & Young Corporate Finance.
However, the FRA estimated Americana Egypt’s average share price to be at EGP 5.92 and its maximum share price at EGP 6.32.
Americana Group appointed the independent financial advisor to conduct the FV study as it aims to acquire the remaining minority interest in Americana Egypt.
It is worth mentioning that in the first quarter of 2020, Americana Egypt incurred net losses of EGP 41.18 million, a 42.8% year-on-year (YoY) drop from EGP 72.09 million.
