Arab Dairy Products Co. announced it has been approached by India-based VRS Food Ltd – Paras for a potential takeover bid for 100% in the company at $9.09 per share, pending the completion of financial and legal due diligence and the final approval of the Indian company’s board.
Arab Dairy is currently capitalized at EGP 60 million, divided into 6 million shares at EGP 10 par value each.
The company’s board had endorsed financial highlights for the three-month period that ended on March 31, 2014, showing that net loss deepened 814.6% to EGP6.5 million, from EGP 0.712 million in the same period a year earlier.
The company posted EGP136 million total revenues in Q1, compared with EGP 130.7 million in Q1-13.