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Cairo – The board of directors of the Egyptian Financial and Industrial (EFIC) decided to consider the merger with its 99.86%-owned subsidiary Suez Company for Fertilizer Production.
An independent financial advisor approved by the Financial Regulatory Authority (FRA) will be hired to advise on the merger process, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
It is worth mentioning that during the first nine months of 2019, the EGX-listed firm logged a net profit of EGP 127.4 million, up from EGP 88.26 million in the prior-year period, including minority shareholders’ rights.
Source: Mubasher
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