Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) approved the mandatory tender offer submitted by TVM Capital Healthcare Partners to buy majority stake of 42.05% in Ameco Medical Industries.

The offer buying price is set at EGP 19.5 per share.

Late 2015, TVM Capital Healthcare Partners has launched a mandatory tender offer to buy the majority stake in the Egypt-based Ameco Medical Industries.

The move came as a part of a deal with the National Bank of Egypt (NBE) and Al Ahly Funds and Portfolio Management to purchase a 100% of their joint shareholding.

Ameco reported net profits of EGP 7.1 million in the first nine months of 2015, down 28.58% from EGP 5.5 million a year earlier.