Egyptian Starch & Glucose approves Cairo Three As MTO

Cairo –  The board of directors of the Egyptian Starch and Glucose approved the acquisition offer submitted by Cairo Three A for International Industries.

Cairo Three A offered to buy the shares of major shareholders, totalling 50.077 million shares, at EGP 8.61 apiece, according to bourse disclosure on Sunday.

It is noteworthy to mention that the Egyptian Financial Regulatory Authority (FRA) approved a request to publish the mandatory tender offer (MTO) submitted by Cairo Three A for International Industries to acquire the Egyptian Starch and Glucose.

The MTO will begin on Sunday and end at the end of the trading session on Thursday, 7 May.

The board said that the offer will have a positive impact on the company.

It is worth mentioning that Americana Group, the Egyptian Company for International Touristic Projects, Cairo Poultry approved Cairo Three A’s offer to sell their stakes amounting to 20.53 million shares, 11.63 million shares, 13.65 million shares, respectively, in the Egyptian Starch and Glucose at EGP 8.54 a share.

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.