EGX sets starting date of Americana Egypt's MTO

The MTO will last for 15 business days starting July 14 until July 25

  

The Egyptian Exchange set the purchasing price of Americana Holding for Egyptian Restaurants' (AHER) mandatory tender offer (MTO) on Egyptian International Tourism Projects' (Americana Egypt), at EGP 6.32 per share, according to EGX's disclosure.

The MTO will last for 15 business days starting July 14th until July 25th.

The Financial Regulatory Authority approved the MTO submitted by AHER to acquire the complementary stake of 100% of Americana Egypt capital.

AHER, subsidiary of Adeptio AD Investments, will purchase 38,613,170 shares, representing 9.653% of Americana Egypt's share.

On June 20th, the administrative court dismissed the appeal filed by Adeptio AD Investments against the obligation to purchase the minority stake in Americana Egypt.

Adeptio acquired 67% of Kuwait Food Company (Americana Group) in June 2016 following a two-year process, giving the former indirect ownership of the majority of Americana Egypt.

Americana Egypt, a member of Kuwait's Americana Group, is an Egypt-based shareholding company primarily engaged, together with its subsidiaries, in providing ready-made meals and refreshments within the fast-food sector.

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