ArabFinance: Modern Waterproofing Group’s (Bitumode) (WATP) board of directors approved Sika Egypt offer to purchase 119,000,000 shares or 100% of Bitumode, according to a May 18thdisclosure filed to the Egyptian Exchange.

Earlier, the Financial Regulatory Authority ratified the purchase offer submitted by Sika Egypt to acquire Bitumode.

Sika Egypt will acquire Bitumode at a price of EGP 3.79 per share in case of buying less than 95% of the latter's shares, or EGP 3.91 per share in the event of buying more than 95% of total shares.

Bitumode is a multinational group of companies that dates back to 1953. It is engaged in manufacturing a wide range of products for the construction industry. The products cover a wide range of high-quality bituminous torch-applied and self-adhesive waterproofing membranes and protection boards.

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