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Arab Finance: The Financial Regulatory Authority (FRA) has received a request from New Construction Chemical (NCC) and ESCOM Company to adjust their voluntary tender offer to acquire a stake in Alexandria Spinning and Weaving Company (Spinalex), the FRA announced in a statement.
Per the requested amendment, the consortium targets buying 48.410 million shares in Spinalex, representing 13.42% of the company’s total share capital, at a purchase price of EGP 15 per share.
In case the offer is fully completed, the alliance and its related parties' ownership in Spinales would reach 33.33% maximum.
Accordingly, the FRA is currently studying all the submitted documents regarding the offer.
Last April, the consortium submitted a voluntary tender offer to acquire 72.072 million shares.
