New three million dollar bid for MBSC
A group of Egyptian and foreign investors has appointed investment bank EFG-Hermes to advise it on the acquisition of up to 100 percent, with a minimum of 51 percent, of Misr Beni Sueif Cement (MBSC) shares through a tender offer at a price of three dollars per share.
The announcement was delivered by fax from the Capital Market Authority (CMA) to the Cairo and Alexandria Stock Exchange (CASE) last week. Accordingly, all bid documents will be presented to the CMA next week.
A previous offer to acquire 100 percent of MBSC shares at a share price of four dollars, submitted to the CASE on June 11, was exposed as a fabrication later that month, intended to manipulate the stock price. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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