EGX receives IMEX's offer to acquire Nile Cotton Ginning
IMEX International will acquire at least 51% of Nile Cotton Ginning
By Staff Writer, Mubasher
Cairo – The Egyptian Exchange (EGX) announced that an offer has been submitted by IMEX International to purchase up to 52.99 million shares or 100% of Nile Cotton Ginning for EGP 50 a share.
The offer includes acquiring a minimum 51% stake of the company and the offering period extends for 10 days starting from the trading session on 13 September to the end of the trading session on 24 September, according to a statement on Thursday.
The transaction will be executed within the following five business days after the end of the offering period.
During fiscal year 2019/2020, Nile Cotton Ginning logged net profits of EGP 54.48 million, up from EGP 7.8 million a year earlier.
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