|02 February, 2020

Americana Egypt gets offer to sell stake in Egyptian Starch & Glucose

The final price will be determined upon the completion of the due diligence process scheduled to be concluded no later than 9 April.

Cairo – Mubasher: Cairo Three A for International Industries has submitted a binding offer letter to purchase 11.636 million shares owned by the Egyptian Company for International Touristic Projects (Americana Egypt) in the Egyptian Starch and Glucose.

The offer is valued at EGP 450-510 million with a share price ranging from EGP 8.98 to EGP 10.18, Americana Egypt said in a bourse statement on Sunday.

The final price will be determined upon the completion of the due diligence process scheduled to be concluded no later than 9 April.

Upon accepting the offer, Americana Egypt will accept any price offered by the buyer within the price range and sell all its shares the Egyptian Starch and Glucose in response to the mandatory tender offer to be submitted by the buyer no later than 12 April.

Another disclosure will be provided by 6 February to determine Americana Egypt’s stance on the offer.

Source: Mubasher

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