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Titan Cement to submit MTO on Alexandria Portland Cement’s shares

Titan Cement to submit MTO on Alexandria Portland Cement’s shares
Titan Cement owns an indirect majority stake in Alexandria Portland Cement
Alexandria Cement
ALEX
0.00% 5.93 0.00

Cairo – Mubasher: Alexandria Portland Cement announced that its major shareholder Titan Cement International will submit a mandatory tender offer (MTO) in the upcoming period.

Talks are underway with the Egyptian Financial Regulatory Authority (FRA) regarding this matter, the cement producer said in a statement to the Egyptian Exchange (EGX) on Sunday.

In November, the FRA ordered Titan Cement to submit an MTO after acquiring Alexandria Development Ltd, which in turn owns an 88.93% stake in Alexandria Portland Cement.  

It is noteworthy that during the first nine months of 2019, Alexandria Portland Cement suffered net losses of EGP 96.58 million, compared to EGP 245.7 million in the prior-year period.