Cairo – Mubasher: Americana Group affirmed that the mandatory tender offer (MTO) it submitted for acquiring the remaining shares of the Egyptian Company for International Touristic Projects (Americana Egypt) is in line with the standards and regulations, according to a statement to the Egyptian Exchange (EGX) on Wednesday. 

Earlier in November, the FRA rejected Americana Group's MTO, which included the fair value (FV) estimation study, on the grounds of being not in line with the financial evaluation standards.

The firm, majority owned by Adeptio AD Investments, revealed that it will escalate the issue to higher levels after the FRA obligated the company to appoint another independent financial advisor approved by the FRA to conduct a new study within a month. 

In mid-2016, Adeptio AD Investments acquired an indirect majority stake in Americana Egypt, following the acquisition of Americana Group.

Earlier In November, Americana Group submitted a request to acquire a 9.65% stake in Americana Egypt to top up its stake to 100%.

The offer includes the purchase of 38.6 million shares at a price of EGP 3.9 per share.