Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the mandatory tender offer (MTO) submitted by Mohamed Shalaby, Amr Ibrahim Aboul Oyoun, and others to acquire Assiut Islamic Trading.
The offer includes the acquisition of up to 5.08 million shares or 76.1% of the company’s shares to top up their stake to 100%, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The retail investors offered to acquire at least 51% of the company at EGP 28.5 per share.
El Kahera El Watania Investment owns a 23.358% stake in Assiut Islamic Trading, while Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) holds a shareholding of 66.65%.
During the first half (H1) of 2020, Assiut Islamic Trading achieved net profits of EGP 3.53 million, up from EGP 3.46 million in the same period in 2019.
