Egyptian-led consortium tenders for Sinai Cement Shares
An Egyptian Cement Company-led consortium has presented two options to acquire Sinai Cement’s proposed capital increase shares. Sinai Cement’s Board of Directors (BOD) recently agreed to raise its capital through the sale of ten million new shares to France's Groupe Vicat.
In the first option, the consortium will acquire Sinai Cement’s capital increase shares at a price of 15 Egyptian pounds ($2.6) per share, thereby acquiring 10 million shares with a guarantee of three board seats.
In the second option, the consortium will acquire 6.5 million capital increase shares at EP 15 per share and present a tender offer to acquire 3.5 million shares from the market, also at EP 15 per share, with a guarantee of three board seats. Both offers are based on approval by Sinai Cement’s BOD and Executive General Manager (EGM). The company's EGM should approve the offer within 30 days. — (menareport.com)
© 2003 Mena Report (www.menareport.com)