An official source at Banque Misr said the bank has not issued any reports about evaluating the stocks of Sharkia National Food Co. and Egypt for Poultry for a planned merger.
The source told Al Mal that the bank does not operate as independent financial advisor.
Tarek El Gendi, chairman and managing director of Sharkia National Food told Al Mal yesterday that Banque Misr has submitted its final assessment of the merger between his company and Egypt for Poultry into a single holding company that will invest in the food industry. 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, according to the top official. Saudi investor Nawaf Bin Dayel, who owns a 20% stake in EPCO and 15% in SNFC, had first submitted an initial study of the merger to the Egyptian Exchange (EGX) in May 2013. Bin Dayel intends to establish the holding company either through a merger or a share swap, but stressed that the final decision lies in the hands of the BoD of both companies.