National Saudi Investment Company bids for Misr Beni Sueif Cement
Egyptian cement producer, Misr Beni Sueif Cement (MBSC) has informed the Cairo and Alexandria Stock Exchange (CASE) that it has received an offer from the National Saudi Investment Company to acquire 100 percent of the company’s outstanding shares at a price of four dollars per share, and that the funds will be deposited in US Dollars at Banque Misr once the final agreement is signed.
The company added that the offer, as well as other financing alternatives, is currently under review but it has not submitted any official documentation of the bid. CASE has decided to stop trading on the stock for 30 minutes and to cancel all transactions that occurred today before this announcement.
Misr Beni Sueif Cement has been the subject of acquisition talk over the past two years. On May 4, 2003, it announced the end of negotiations with Irelands CRH to acquire a stake in the company, after lengthy talks and the issuance of six press releases on the matter between June 2002 and May 2003. — (menareport.com)
© 2003 Mena Report (www.menareport.com)