Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the mandatory tender offer (MTO) submitted by Americana Group, a subsidiary of Adeptio, to acquire the remaining minority interest in the Egyptian Company for International Touristic Projects (Americana Egypt).

The offer includes the purchase of 38.61 million shares or 9.653% in Americana Egypt for EGP 6.32 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

It is worth mentioning that in the first quarter of 2020, Americana Egypt incurred net losses of EGP 41.18 million, a 42.8% year-on-year (YoY) drop from EGP 72.09 million.