Egypt - The Financial Regulatory Authority (FRA) approved to publish notice of the purchase offer submitted by Sika Egypt for construction chemicals Company to acquire 119,000,000 shares of Modern Waterproofing Group (Bitumode) (WATP), according to FRA's disclosure filed to the Egyptian Exchange on May 12th.

Sika Egypt offered to purchase 100% of Bitumode at a price of EGP 3.79 per share in case the responded asks equal or less than 95% of Bitumode's shares, or EGP 3.91 per share in case the responded asks more than 95% of total company's shares.

In 2019, the copmpany standalone profit reached EGP 46,066,942, a 17% rise from 39,319,761 achieved a year earlier.

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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