Egypt's Pharos concludes Mondi's acquisition of 94.34% of Suez Bags shares

Suez Bags Company operates five lines

  
Egypt's Pharos concludes Mondi's acquisition of 94.34% of Suez Bags shares

Pharos Securities Brokerage announced the successful acquisition of 94.34% of the required shares of the Suez Bags Company SAE.

Pharos Securities Brokerage was the buy side broker for Mondi’s mandatory tender offer of 7,666,435 shares; equivalent to 70.11% of the capital of Suez Bags SAE.

“Pharos has succeeded in Mondi’s acquisition of 66.14% of Suez Bags Company shares for EGP 26.01 per share, equivalent to 94.34% of the shares that were required", said Essam Abdel Hafiz, Managing Director of Pharos Securities Brokerage.

About Suez Bags Company
Suez Bags Company was established in 1988 as an Egyptian joint-stock company. Suez Bags Company operates five lines, four of which produce bags for cement, gypsum and other building materials, while the fifth caters to specialty items such as chemicals, seeds and animal feed.

Made with imported semi-Copake (semi-extensible) kraft-layer paper from Austria, Sweden, Russia and Canada, the company’s bags meet the highest quality standards. Because of its imported ink and specialized technology, Suez Bags Company is the only Egyptian supplier able to print up to four colors on all bag types.

About Pharos Holding (“Pharos”)
Founded in 2005, Pharos Holding, since its establishment, has evolved and expanded rapidly to become a full-service Investment Bank, providing a wide range of financial services to institutions and individuals in Egypt, the wider region and internationally. Pharos Holding services include: Investment Banking; Securities Brokerage; Asset Management; Research; Online Trading and Bookkeeping.

The Group is headquartered in Cairo, Egypt, and recently incorporated the UAE DIFC subsidiary, Pharos Gulf Limited, which is licensed and regulated by the Dubai Financial Services Authority (DFSA) to provide Financial Advisory and Capital & Debt Raising services.

Pharos Holding was named “Best Investment Bank in Egypt for 2018” by Global Finance Magazine.

Pharos Securities Brokerage is consistently ranked amongst the top five Brokerage firms operating on the EGX. Pharos’ professional practices include as well a highly sought-after advisory practice, with particular expertise in M&A, equity and debt transactions. Pharos Investment Banking division has closed a number of landmark transactions across different sectors ranging from chemicals and fertilizers to consumer finance, education and telecommunications. Pharos’ Asset Management practice controlled AUM in excess of nearly EGP 4.4 Billion at end of Q1-2018, comprehensively covering equity, fixed-income and capital-guaranteed portfolios.

© Press Release 2018

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