The Egyptian Financial Supervisory Authority (EFSA) has approved a request from MTM Packaging 2 to make a mandatory tender offer for 37.33% of Middle East Glass Manufacturing Co. (MEGM).
MEGM had previously said it received a mandatory tender order from MTM Packaging 2 to acquire 100% of its shares at $27.81 each. MEGM issued and paid-in capital is estimated at EGP 40 million, divided into 4 million shares at a par value of EGP10 per share.