Cairo –  The mandatory tender offer (MTO) submitted by Alexandria Development Ltd for the acquisition of Alexandria Portland Cement was executed on the Egyptian Exchange (EGX) at a value of EGP 23.06 million.

The transaction involved 3.844 million shares at a price of EGP 6 apiece, according to a bourse statement on Wednesday.

In December 2019, the board of directors of Alexandria Development Ltd decided to submit an MTO to acquire the remaining shares of Alexandria Portland Cement, or 11.07% of the company’s capital shares.

It is noteworthy that for the full-year 2019, Alexandria Portland Cement incurred net losses of EGP 236.3 million, down from EGP 394.1 million in 2018.

Source: Mubasher

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