Cairo – Mubasher: The mandatory tender offer (MTO) for Al Ezz Rolling Mills (ERM), owned by Ezz Steel, was executed on the Egyptian Exchange (EGX).

Al Ezz Dekheila Steel – Alexandria has purchased 89.8 million shares, including 100,000 shares through the cash option at EGP 23.07 per share and 89.7 million shares under the stock-swap deal (every 51 shares of ERM will be exchanged with one share of Al Ezz Dekheila Steel – Alexandria), the EGX said in a statement on Thursday.

In November, the Egyptian Financial Regulatory Authority (FRA) approved to publish the disclosure form of the MTO submitted by Al Ezz Dekheila Steel – Alexandria to acquire 100% of ERM.

It is noteworthy that during the first half of 2019, Ezz Steel swung to losses of EGP 2.46 billion, against net profits of EGP 148.5 million in H1-18, including minority shareholders’ rights.