Alexandria Development issues cement tender offer
The Alexandria Development Limited Company recently issued a tender offer for the acquisition of up to 100 percent of Alexandria Portland Cement’s (APCC) outstanding 12 million shares at 19.5 Egyptian Pounds ($4.5) per share, the Cairo and Alexandria Stock Exchanges (CASE) reported.
Alexandria Development’s offer, valid until the end of January, does not require a minimum number of offered shares from current Alexandria Portland Cement shareholders. APCC is 75.6 percent owned by United Kingdom-based Blue Circle, while the remaining stakes are divided between the ESA, the Holding Company for Chemical Industries and an 18 percent free float.
The company achieved a net profit of EP7.1 million ($1.5 million) in 2000 before taxes on EP176.7 million net sales, down from EP38.6 million for the previous year, a decline of 82 percent. Inventories as of 2000 declined to EP40.6 million down from EP67.2 million the year before and liquidity also declined to EP35.4 million, down from EP37.9 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)