Cairo – Mubasher: The board of directors of Modern Shorouk Printing and Packaging has accepted the acquisition offer submitted by the National Printing Company at a price of EGP 74.5 per share.
The offer price is deemed to be reasonable and equal to the fair value (FV) of the stock, the company said in a bourse disclosure on Monday.
The period of the mandatory tender offer (MTO) submitted by the National Printing Company for the acquisition of up to 1.07 million shares, representing about 8.2% of the company's shares, started on 26 September and will end on 25 October.
It is noteworthy to mention that the National Printing Company currently owns 89.9% of Shorouk for Modern Printing and plans to top up its stake to 100%.
During the first half (H1) of 2021, Modern Shorouk Printing and Packaging reported net profits of EGP 85.33 million, compared to EGP 82.95 million in H1-20.
The net sales increased to EGP 912.86 million in the January-June period from EGP 785.67 million in the corresponding period a year earlier.
