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Maridive’s board nods to $37m stake acquisition offer

Maridive’s board nods to $37m stake acquisition offer
The company’s issued capital will be increased to $188.1 million from $163.8 million
Maridive
MOIL
-2.15% 0.23 -0.01

Cairo – Mubasher: Maridive and Oil Services announced that its board of directors has approved an offer worth $37 million from an UAE-based investor to acquire a stake in the company.

Canadian investor Najjad Zeenni offered to subscribe to the shares of the company’s capital increase at a price of $0.61 apiece, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The deal includes increasing the company’s issued capital to $188.1 million from $163.8 million.

Upon concluding the deal after obtaining regulatory and shareholder approvals, Zeenni will own a 12.8% stake in the company, the statement added.

Maridive will use the capital raise proceeds to purchase Zeenni's 25% stake in Valentine, raising its stake to 100% from 75%. 

During the first quarter of 2019, Maridive turned into losses of $1.41 million, versus a profit of $1.15 million in the year-ago period, including minority shareholders rights, according to the company’s standalone financial statements.