The Egyptian Exchange (EGX) management decided Monday to cancel all transactions executed on Egypt for Poultry and Sharkia National Food.
The stock market also suspended trading on the two stocks till receiving replies from both companies as regards the news reports issued earlier today.
It was reported that Banque Misr has submitted its final assessment of the merger between Sharkia National Food and Egypt for Poultry into a single holding company that will invest in the food industry, Al Mal learnt.
Banque Misr estimated the fair value of Sharkia National Food at EGP 9.7/share and that of Egypt for Poultry at EGP 5.75-6.0/share.
The chairman and managing director of Sharkia National Food announced that the company will likely hold a board meeting before the end of the month to vote on the merger, and that some board members and majority shareholders were initially dissatisfied with the fair value but were later convinced in a meeting with Banque Misr representatives.