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Arab Finance: The Financial Regulatory Authority (FRA) announced a voluntary tender offer, submitted by a consortium comprised of New Construction Chemical and ESCOM Company, to acquire a significant stake in Alexandria Spinning and Weaving Company (Spinalex), as per a disclosure.
The consortium intends to acquire 72.072 million shares, representing 20% of Spinalex's total share capital, at a purchase price of EGP 15 per share.
Meanwhile, the FRA is currently reviewing the draft offer, which was submitted at the close of trading on April 2nd, 2026.
Spinalex posted 99.77% year-on-year (YoY) lower net profits after tax at EGP 59,316 during the first quarter (Q1) of fiscal year (FY) 2025/2026.
