Egypt's FRA approves MTO for Alexandria Portland Cement

Alexandria Development owns an 88.93% stake in Alexandria Portland Cement


Cairo –  The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the mandatory tender offer (MTO) submitted by Alexandria Development Ltd to acquire 100% of Alexandria Portland Cement at EGP 6 per share, according to a bourse disclosure on Tuesday.

In November, the FRA ordered Titan Cement to submit an MTO, following the acquisition of Alexandria Development Ltd, which in turn owns an 88.93% stake in Alexandria Portland Cement.

It is noteworthy that for the full-year 2019, Alexandria Portland Cement incurred net losses of EGP 236.3 million, down from EGP 394.1 million in 2018

Source: Mubasher

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