Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has obligated Titan Cement International to submit a mandatory tender offer (MTO) to buy the remaining shares in Alexandria Portland Cement within a month.
Titan Cement International has to submit the MTO after acquiring an indirect majority stake in Alexandria Portland Cement, following its acquisition of Alexandria Development Ltd, which in turn owns an 88.93% stake in Alexandria Portland Cement, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Earlier this week, Titan Cement International announced the acquisition of the International Finance Corporation’s (IFC) minority stakes in Titan’s businesses in Southeast Europe and Egypt, including a 17.28% stake in Alexandria Development Ltd.
It is noteworthy that Alexandria Portland Cement’s capital reaches EGP 2.8 billion, distributed over 458 million shares at a nominal value of EGP 6.3 per share.
The company affirmed that the deal has no impact on the company’s operations or financial results.