The Egyptian Financial Supervisory Authority (EFSA) approved in principle the obligatory tender offer submitted by Dutch Trekwerk BV Co. to buy 46.71% stake in Minapharm Pharmaceuticals, said a bourse statement.

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.