Cairo Three A Group is set to complete its acquisition of the Egyptian Starch and Glucose Company, following the approval of the latter’s Board of Directors and major shareholders. Once completed, it is likely to see share prices set at EGP 8.54 per share.
Sources familiar with the acquisition told Daily News Egypt that it is highly likely that it will be completed next month. The company intends to submit its offer for Financial Regulatory Authority (FRA) review next week, with the transaction completed ten days following this, or by mid-May at the latest.
On Sunday, the Egyptian Company for International Touristic Projects (Americana) announced that its general assembly had accepted at its Thursday meeting the final EGP 8.54 share price. The figure had been submitted by Cairo Three A to extend to Americana’s 11.636 million shares in the Egyptian Starch and Glucose company.
Cairo Poultry also announced on Sunday that its board of directors accepted the final share price proposed. It had also agreed for Cairo Three A to buy 13.65 million shares it owned in the Egyptian Starch and Glucose Company, also at a share price of EGP 8.54.
EFG Hermes acts as a financial advisor to the Egyptian Starch and Glucose Company alongside ADSERO-Ragy Soliman & Partners. Cairo Three A appointed CI Capital as a financial advisor to the buyer, alongside Al-Tamimi and Co. as legal advisers.