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Dutch firm set to get EFSA nod on Minapharm bid

Dutch firm set to get EFSA nod on Minapharm bid
Photo Credit: Arabianeye-Reuters
Minapharm Pharmaceuticals
MIPH
-1.79% 237.99 -4.35

Sayed Abdel Fadil, head of central department for financing and investments at The Egyptian Financial Supervisory Authority (EFSA) said the market regulator will post early next week at most its approval for Dutch Trekwerk BV to post its buy offer for shares in Egypt’s Minapharm Pharmaceuticals.

The official told Al Mal newspaper on Thursday that EFSA requested the Dutch firm to complete some documents related to ownership structure.

EFSA said earlier this month it is about to study the offer submitted by the Dutch drugs firm to buy 46.71% of Minapharm.
The market regulator said the Dutch firm aims to buy 5742679 shares of the Egyptian pharmaceutical producer at EGP 37.5 each.

Minapharm earlier announced that it had received a letter from Trekwerk BV for a potential takeover of up to 100% in the company’s capital.
Minapharm is capitalized at EGP 123.7 million, divided into 12.4 million shares at EGP 10 par value each.

Photo Credit: Arabianeye-Reuters