Cairo – Mubasher: The Exchange Exchange (EGX) announced implementing the mandatory tender offer presented by Polyserve For Fertilizers & Chemicals to acquire the shares of Ferchem Misr for Fertilizers and Chemicals during Thursday’s trading session.

The mandatory tender offer was implemented on 1.473 million shares of Ferchem Misr, with a total value EGP 9.29 million, the bourse said in a statement on Thursday.

In December 2018, Polyserve acquired around 91.07% of Ferchem Misr’s shares with a total value of EGP 100.8 million.

During the first quarter of 2019, Ferchem Misr reported a 228% year-on-year profit hike, recording EGP 3.6 million.