Egypt's EGX executes MTO on Nile Cotton Ginning at $157mln

The transaction involved 49.76 million shares

  

Cairo – The mandatory tender offer (MTO) submitted by IMEX International for the acquisition of Nile Cotton Ginning was executed on the Egyptian Exchange (EGX) at a value of EGP 2.48 billion.

The transaction involved 49.76 million shares, according to a bourse statement on Thursday.

Earlier, the 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.

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.

Source: Mubasher

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