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Cairo Poultry’s shareholders approve Cairo Three A’s final offer

Cairo Poultry’s shareholders approve Cairo Three A’s final offer
Cairo Three A offered to buy Cairo Poultry’s stake in the Egyptian Starch and Glucose
Cairo Poultry
POUL
-5.31% 3.57 -0.20
Egyptian Starch & Glucose
ESGI
-1.25% 7.90 -0.10

Cairo – Mubasher: The ordinary general meeting (OGM) of Cairo Poultry approved the board’s decision to accept the purchase offer submitted by Cairo Three A for International Industries to acquire the former’s stake in the Egyptian Starch and Glucose.

Cairo Three A has offered to buy Cairo Poultry’s stake in the Egyptian Starch and Glucose, totalling 13.65 million shares for EGP 8.54 apiece, according to bourse disclosure on Wednesday.

The final offer price was amended by the Financial Regulatory Authority to EGP 8.61 per share in accordance with the average trading price of the company’s shares during the last three months.

It is worth noting that in 2019, the Egyptian Starch and Glucose suffered net losses of EGP 17 million, down from EGP 74.3 million in 2018, while its sales rose to EGP 967.8 million from EGP 909.2 million.