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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities