Cairo – Mubasher: Cairo Poultry denied being affected by the offer submitted by Americana Group for Food and Touristic Projects to acquire the Egyptian Company for International Touristic Projects (Americana Egypt), according to a bourse disclosure on Sunday.

Americana Egypt owns a 15% stake in Cairo Poultry, while Americana Group for Food and Touristic Projects holds a 34% stake.

Last week, the Egyptian Financial Regulatory Authority (FRA) received a mandatory tender offering (MTO) from Americana Group for Food and Touristic Projects to up its stake in Americana Egypt to 100% by acquiring an additional stake of 9.65%.

It is noteworthy that during the first nine months of 2019, the company’s net profits leapt to EGP 153.22 million from EGP 100.3 million in the prior-year period.