Cairo – Mubasher: The board of directors of MB for Engineering and Contracting decided to submit an acquisition offer to take over a competitor which has a market share of 12% in the engineering sector.

In addition, the board approved the appointment of Hashim El-Sayed Hashim and Lamiaa Ahmed Moukhtar as independent board members, according to a bourse disclosure on Sunday.

The company previously said that the acquisition transaction would raise the company’s volume of business to more than EGP 700 million.

During the first nine months of 2020, the company suffered net losses of EGP 4.11 million, against net profits of EGP 2.61 million in the same period in 2019, including minority shareholders’ rights.

Sales dropped to EGP 118.99 million in the January-September period from EGP 142.71 million in the year-ago period.