EGX executes MTO on Egyptian Starch & Glucose at $26.67mln

The transaction involved 48.81mln shares

  

Cairo –  The mandatory tender offer (MTO) submitted by Cairo Three A for International Industries for the acquisition of Egyptian Starch and Glucose was executed on the Egyptian Exchange (EGX) at a value of EGP 420.26 million.

The transaction involved 48.81 million shares at an average price of 8.6 per share, according to a bourse statement on Monday.

In April, the Egyptian Financial Regulatory Authority (FRA) approved a request to publish the MTO submitted by Cairo Three A for International Industries to acquire the Egyptian Starch and Glucose.

The MTO included the purchase of up to 50.077 million shares, representing 100% of the Egyptian Starch and Glucose’s shares, at a price of EGP 8.61 apiece.

During 2019, the Egyptian Starch and Glucose suffered net losses of EGP 17 million, down from EGP 74.3 million in 2018, while its sales rose to EGP 967.8 million from EGP 909.2 million.

Source: Mubasher

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