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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities