Egypt's EGX resumes MTO on Nile Cotton Ginning's shares

The transaction involved 2.019 million shares at a value of $6.41mln

  
Cairo – The Egyptian Exchange (EGX) announced the resumption of executing the mandatory tender offer (MTO) submitted by IMEX International on the shares of Nile Cotton Ginning.

The transaction involved 2.019 million shares at a value of EGP 100.99 million, according to a statement on Wednesday.

Earlier on Wednesday, Nile Cotton Ginning’s board of directors approved the voluntary delisting of the company’s shares and the purchase of the shares owned by shareholders who are against the voluntary delisting for EGP 50 per share.

During the first quarter (Q1) of fiscal year 2020/2021, Nile Cotton Ginning turned to net losses of EGP 3.23 million, against net profits of EGP 467,172 in the year-ago period.

Source: Mubasher

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