Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) is currently reviewing the fair value (FV) study conducted by an independent financial advisor for the Egyptian Company for International Touristic Projects (Americana Egypt).
Ernst & Young Corporate Finance has set the fair value (FV) of Americana Egypt at EGP 5 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Americana Group appointed the independent financial advisor to conduct the FV study as it aims to acquire 100% of Americana Egypt.
The FRA previously rejected an acquisition offer on Americana Egypt at EGP 3.9 per share, based on a study prepared by Fincorp.
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.
