PHOTO
Arab Finance: A major shareholder in Egypt Intercontinental for Granite and Marble (EGYSTONE) intends to submit a mandatory tender offer to acquire up to 100% of the company's shares, with the aim of delisting the company from the Egyptian Exchange (EGX), as per a disclosure.
The shareholder Hassan Salama Ali Mohamed and his related parties currently hold 89.99% of EGYSTONE's share capital.
The proposed transaction would allow the shareholder to increase his stake to full ownership of the company, subject to regulatory requirements and completion of the necessary procedures.
The offeror also indicated his intention to begin due diligence procedures as soon as possible. Based on an initial assessment, the preliminary purchase price has been set at EGP 8 per share.
However, the final offer price will be determined following the issuance of a fair value report by an independent financial advisor. The final valuation will also be subject to the completion of all required legal and regulatory processes.
